Income tax department raids actor Sachin Joshi’s father’s company

The Income Tax Department has raided JMJ Group, the gutka company of actor businessman Sachin Joshi’s father JM Joshi, and caught a black money of Rs 1500 crore. This money was traded in the tax evasion countries’ assets. A day earlier, the ED arrested Sachin Joshi, son of JM Joshi, in a money laundering case.
The CBDT reported that the Income Tax Department raided the company’s Mumbai-based facilities for six days. The search ended on February 13. During this period, in addition to undisclosed transactions of 1500 crores, cash of Rs 13 lakhs and jewelery worth seven crores were seized.
During the course of the operation, they traced foreign assets with a British Virgin Island company which also had an office in Dubai. CBDT alleges that the total assets of this company are Rs 803 crore, which was raised through funds from India. The Income Tax Department alleges that this company returned shares worth Rs 638 crore to the Indian company.