scorecardresearch
Friday, March 29, 2024
Support Our Journalism
HomeIndiaIT dept raids 32 premises linked to Dainik Bhaskar, says group linked...

IT dept raids 32 premises linked to Dainik Bhaskar, says group linked to Panama leaks case

According to govt sources, the group has allegedly floated several paper companies to evade tax by claiming bogus expenses and purchases using shell entities.

Follow Us :
Text Size:

New Delhi: A search is being carried out in the Dainik Bhaskar group offices under the Income Tax Act over allegations of huge tax evasion, government sources said on Thursday.

They said 32 premises, consisting of residential and business premises spread over the cities of Mumbai, Delhi, Bhopal, Indore, Jaipur, Korba, Noida, and Ahmedabad have been covered. The sources said that search is being done under Section 132 of the Income Tax Act. They said searches have been carried out after analysis of the departmental database, “banking enquiries and other discrete enquiries”.

The sources said the group is involved in various sectors, major being media, power, textiles and real estate, with a group turnover of more than Rs 6000 crore per annum.
They said that the group has more than 100 companies including holding and subsidiary companies. The flagship company is DB Corp Ltd, which publishes the news daily Dainik Bhaskar.

Government sources said there are allegations of huge tax evasion by the group “by claiming bogus expenses and purchases using shell entities”.

The sources said the group has allegedly floated several paper companies for this purpose, with their employees as shareholders and directors.

They said the money “siphoned off in this manner” is routed back into various personal and business investments, in the form of “share premium and foreign investments through Mauritius-based entities.

The main persons of the group are the three brothers – Sudhir Agarwal, Pawan Agarwal and Girish Agarwal.

The coal-based power generation business is carried in the name of DB Power Limited.
The sources said family members’ names also figured in the Panama leaks case.


Also read: Income Tax dept raids Dainik Bhaskar media group, ‘Modified Emergency’, says Opposition


 

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular