It has been reported that during the raids conducted by the Income Tax department on Thursday, the officials have seized Rs.70 lakh cash and ornaments from the industrialist Praveen Tapadia and tobacco trader Ajay Kamnani.As per information the tax evasion is the main reason behind the operation and it will continue till Monday. As per the sources, five lockers of the two businessmen were also seized by the IT department. And if the cash and ornaments have found an entry in the account book it will return, otherwise not.
The IT officials have also found many documents of profit from Kamnani’s firm.Kamnani is a tobacco trader. As per information, he does all his transactions in cash. He is also involved in hawala transactions.
As per official source, the IT department had conducted raids on 10 organizations of Tapadia and Kamnani in Nagpur, Hingna, Butibori and Mumbai.Praveen Tapadia is the owner of Tapadia Polyester Pvt Ltd in MIDC Butibori and Ideal Rappers in MIDC Hingna.The IT department raided his office at Mumbai and residential complex at Shradhanand Peth, Bajaj Nagar.
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