Search the Internet          Tips  Sites: Finance, Investment

I-T raids Kajaria group; seizes Rs 3 crore

Sleuths of the Income Tax Department have simultaneously raided the residence, office and factory of former Indian Jute Mills Association chairman Sanjay Kajaria and his two brothers and seized cash, jewellery and share certificates worth Rs 2.78 crore (Rs 28 million).

Highly placed sources in the IT department in Kolkata said that a search and seizure operation was conducted Tuesday night, in Kolkata, Delhi and other placers, on premises owned by Sanjay, Vijay and Ajay Kajaria, owner of Hastings, Lagaan Jute Mills and a host of other mills in West Bengal.

The raids were still on and further details would be available only after the whole operation was completed, sources said.

The Kajarias were mainly into the jute business, but were also trading in iron and scrap.

The sources said that the seizure included Rs 12 lakh (Rs 1.2 million) in cash, jewellery valued at Rs 1.16 crore (Rs 12 million) and over Rs 1.50 crore (Rs 15 million) in share certificates.

When contacted Sanjay Kajaria admitted that raids were conducted by the IT department.

ALSO READ:
More Money Headlines