The Income Tax Department orchestrated a significant operation in Nanded, Maharashtra. The IT team raided Adinath Multi State Cooperative Bank and Bhandari Finance, where they discovered a treasure trove of unaccounted wealth, which the department promptly seized. The counting of the substantial cash found during the action took up to 14 hours.
The tax action lasted continuously for 72 hours and resulted in the discovery of approximately $22 million in undeclared property from the Bhandari family. In addition, 8 kilograms of gold were found. The Income Tax Department confiscated the entire undisclosed wealth including the gold and cash. It took officials almost 14 hours to count the 14 million INR cash found during the raid, causing a stir among finance business owners.
The Bhandari family, including Vinay Bhandari, Sanjay Bhandari, Ashish Bhandari, Santosh Bhandari, Mahavir Bhandari, and Padam Bhandari, run a significant private finance business in Nanded. The Income Tax Department had received notifications of tax evasion. Consequently, hundreds of officers from the Income Tax Departments across six districts - Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar, and Nanded - conducted a joint raid. Teams raided Adinath Multi State Cooperative Bank and Bhandari Finance on May 10th, Friday.
Source: aajtak
A convoy of about 100 officers arrived in Nanded using 25 vehicles. They targeted Bhandari Finance Private Limited at Ali Bhai Tower, offices at Kothari Complex, three offices at Kokate Complex, and Adinath Urban Multi State Co-operative Bank. The raids also extended to homes in Parasnagar, Mahavir Society, Farande Nagar, and Kabra Nagar.
In Nanded, Income Tax officials coordinated simultaneous action across the district. It was a first of its magnitude in the area. From Friday through Sunday, officers continued their examination, sifting through all documents. The uninterrupted 72-hour endeavor led to the discovery of $22 million in undetected assets, including 8 kg of gold and 14 million INR in cash. The Income Tax team is now thoroughly investigating the case.
