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Odishatv Bureau

New Delhi: The raids conducted by the Income Tax department against an Odisha-based group involved in manufacturing and trading of steel products has led to the detection of about Rs 170 crore black income and presence of bogus directors who are actually gullible daily wage earners, the CBDT said on Tuesday.

The group which has premises in and around Rourkela was searched on December 3 by the department.

"The group entities were booking bogus purchases of around Rs 170 crore for two financial years in the name of 17 bogus entities," the Central Board of Direct Taxes (CBDT) said in a statement.

The administrative authority for the I-T department did not identify the entity raided, but said all the 17 entities have "confessed" in the statements recorded during the course of search that they were unaware of any such business concerns in their name.

"It is also observed that the total amount was withdrawn in cash from the bank accounts of these bogus entities. All the proprietors or directors of the bogus entities are daily wage labourers or from economically weaker sections," it said.

(With PTI Inputs)

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