Rolls Royce, Lamborghini, stacks of cash seized from tobacco baron's residence

PTC News Desk: The Income Tax Department has launched raids on Banshidhar Tobacco Company in Kanpur, revealing a web of deceit that extends across 20 locations, including Delhi, Mumbai, and Gujarat. Despite declaring a turnover of Rs 20 to 25 crores, investigations suggest the actual figure may exceed Rs 100-150 crores.

The operation, spanning multiple cities, unearthed significant discrepancies in the company's financial records. The raids, which commenced on February 29, continue for a second day. Among the startling discoveries, authorities found cars valued at over Rs 60 crore at the owner's residence in Delhi. Notably, the collection includes a Rolls-Royce Phantom worth Rs 16 crore.

Convoy of luxury cars

A convoy of luxury cars, including McLaren, Lamborghini, Ferrari, and Rolls-Royce, was found at the residence of Shivam Mishra, the son of the owner of 'Banshidhar Tobacco Company', during the search. The Income Tax Department seized Rs 4.5 crore in cash and important documents during the raid. Sources reveal that the tobacco company issued fake checks to the companies mentioned in its accounts while supplying products to other large pan masala manufacturers. The company reported a turnover of Rs 20-25 crores, significantly higher than its actual turnover of Rs 100 to 150 crores.

Income Tax Department officials had arrived in 6 vehicles

Cash was seized during the operation conducted by Income Tax Department officials who arrived in six vehicles. KK Mishra, also known as Munna Mishra, the owner of a tobacco business firm with an 80-year history, has an old office in Nayaganj. Around 1:30 pm on Thursday, Income Tax Department officials arrived in six vehicles and took control of the entire premises. The mobile phones of the employees present were confiscated, and paper documents as well as electronic devices were seized. Besides real estate and benami properties, the search also included efforts to locate cash.

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Raids on bungalows in Kanpur and Delhi

Income Tax officials have conducted raids on the bungalows belonging to a businessman in Kanpur and Delhi. The raids were initiated following intelligence indicating significant tax evasion, prompting the Income Tax team to deploy to various locations associated with the company. These raids have uncovered instances of both income tax and GST evasion.

The businessman's enterprises, Banshidhar Export and Banshidhar Tobacco, based in Nayaganj, are reported to have expanded their operations to foreign countries, particularly in the tobacco business. The company is known for supplying goods to major pan-masala groups. However, the company has now come under the scrutiny of the Income Tax Department.

Raids are currently underway in five states, targeting locations and individuals associated with the company. According to sources, around 15 to 20 teams from the Income Tax Department are conducting simultaneous operations in Ahmedabad (Gujarat), Kanpur (Uttar Pradesh), Andhra Pradesh, and Delhi.

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(Inputs from agencies)

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