The Income-tax department, in a recent countrywide search on the premises of actor-producer-businessman Sachin Joshi’s JMJ group (manufacturers of Goa pan masala) seized Rs. 13 lakh in cash and Rs. 7 crore worth jewellery and found unaccounted transactions worth Rs. 1,500 crore and suspicious fund diversion. The search and seizure action has led to detection of foreign assets lying with a company registered in tax haven British Virgin Islands with an office in Dubai and controlled and managed by chairman of the group.
The I-T department estimates the net worth of the company to be Rs. 830 crore, created by siphoning off funds from India. The department also found that the group had availed of Rs. 398 crore bogus income tax deductions with the help of their two firms in Himachal Pradesh. The group also allegedly claimed Rs. 63 crore false tax deductions in its unit’s name in Gandhidham. I-T officials also found that the JMJ group manufactured pan masala worth Rs. 247 crore without showing it in its records.
The department put prohibitory orders on the operation of 16 bank lockers and 11 premises belonging to the JMJ group and the Joshi family.