Computer raid at Torque Pharma, JW Marriott hotel: Rs 3.5 crore, 4 kg jewelry seized: La Tribune India
Tribune press service
Chandigarh, December 11
A search by the income tax department of Torque Pharmaceuticals Private Ltd and the JW Marriott hotel resulted in the seizure of more than Rs3.5 crore in cash, 4 kg of jewelry and several documents incriminated.
Sources said a large body of incriminating evidence in the form of documents, diary notes and digital data showing huge unrecorded income by the group and its investment in assets has been found.
Sources added: “A preliminary analysis of fund flows indicates that there has been unrecorded cash income generated by mining, brickyards and other miscellaneous activities. The funds, thus generated in a dubious manner, were used for the acquisition of various assets, such as office buildings, a wedding hall, a club / hotel in prime localities in Chandigarh and Mohali.
A preliminary analysis of documents uncovered during the research indicated that unrecorded income is likely to be several crores, they said.
It is also revealed during the preliminary analysis of the seized documents that the group has entered into a huge cash transaction to buy a leading hotel in Tricity and the same was admitted by the party during the investigation process. .
Sources also claimed that the final figure of unrecorded income and tax evasion will be higher when all seized documents are analyzed in a timely manner.
According to the sources, the department carried out searches of 22 premises in Chandigarh, Punjab, Himachal Pradesh and Mumbai, which include the residential premises and offices of directors of Torque Pharmaceuticals Private Ltd, JW Marriott hotel. and their related entities.
22 places searched
The department raided 22 premises in Chandigarh, Punjab, HP and Mumbai of directors of Torque Pharmaceuticals, the JW Marriott hotel and their related entities.