IT department conducts searches in Odisha

New Delhi: The Income Tax Department has carried out search and seizure operations in the case of a group involved in the manufacturing and trading of steel products with premises in and around Rourkela, Odisha.

An official statement said that the group entities were booking bogus purchases of around Rs 170 crore for two financial years in the name of 17 bogus entities.

All the 17 parties have confessed in the statements recorded during the course of search and seizure operation, that they were unaware of any such business concerns in their name, it said.

The Finance Ministry statement also said that the total amount was withdrawn in cash from the bank accounts of these bogus entities.

Further, all the proprietors or directors of the bogus entities are daily wage labourers or from economically weaker sections, it said.

(IANS)