The raids conducted by the IT department at 47 premises of Chhattisgarh based business houses, spread across Mumbai, Bangalore, Nagpur and West Bengal, on Friday have unearthed a well organised racket of converting black money to the tune of Rs 300 crores (~$48.7 million) into “white” through fictitious companies based in Kolkata…
“The black money earned by the Chhattisgarh companies was being re-routed to them under the garb of legitimate investments through the fictitious company”, said a senior officer on condition of anonymity. The officer said it would take some while for under standing the entire operation, as a large number of documents and data on computers is being analysed.
Officials said about 30 companies linked to Raghuvir Ferro Alloy Private Limited, Chhattisgarh Steel and Power Limited, Chhattisgarh Ispat Group, Special Blasts Limited, KJSL Coal, Hotel Sapphire Inn, Lingraj Ispat Private Limited, Walfort Group and Ganpati Ispat, are under investigation.
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