I-T Raid at Torque Pharma, JW Marriott Hotel: Rs 3.5 crore, 4-kg jewellery seized

I-T Raid at Torque Pharma, JW Marriott Hotel: Rs 3.5 crore, 4-kg jewellery seized

A search operation conducted by the Income Tax Department at Torque Pharmaceuticals Private Ltd and JW Marriott Hotel has resulted in the seizure of over Rs3.5 crore in cash, 4 kg of jewellery and several incriminating documents.

Tribune News Service

Chandigarh, December 11

A search operation conducted by the Income Tax Department at Torque Pharmaceuticals Private Ltd and JW Marriott Hotel has resulted in the seizure of over Rs3.5 crore in cash, 4 kg of jewellery and several incriminating documents.

Sources said a large number of incriminating evidences in the form of documents, diary notes and digital data showing a huge unaccounted income by the group, and its investment in assets have been found.

Sources added “A preliminary analysis of the flow of funds indicates that there has been unaccounted cash income generated from mining, brick-kilns and other various businesses. The funds, so generated in a dubious manner, have been utilised for the acquisition of various assets, such as office buildings, marriage hall, club/hotel in prime localities in Chandigarh and Mohali.”

A preliminary analysis of the documents unearthed during the search has indicated that unaccounted income is likely to be in several crores, they stated.

It is also revealed during the preliminary analysis of the seized documents that the group has entered into a huge cash transaction to purchase a prominent hotel in the tricity and the same has been admitted by the party during investigation process.

Sources also claimed that a final figure of unaccounted income and tax evasion will be higher when all seized documents are analysed in due course of time.

As per sources, the department carried out searches at 22 premises in Chandigarh, Punjab, Himachal Pradesh and Mumbai which include the residential and office premise of the directors of Torque Pharmaceuticals Private Ltd, JW Marriott Hotel and their related entities.

22 places raided

The department raided 22 premises in Chandigarh, Punjab, HP and Mumbai of the directors of Torque Pharmaceuticals, JW Marriott Hotel and their related entities.

Tribune Shorts


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