I-T recovers Rs 7 cr in JBM Group raid

About Rs 7 crore cash and three kilograms of gold concealed under a bed and in a bathroom have allegedly been seized by the Income Tax Department in raids against a Gurgaon-based auto parts manufacturing firm and its owner, officials said.

The department conducted raids at about 30 locations in Delhi, Gurgaon and a few other cities in north India as part of its operation to check tax evasion, the officials said.

They said the premises of the firm — Jai Bharat Maruti Group — and its chairman S K Arya were raided and tax sleuths recovered Rs 7 crore cash and about three kilograms of gold, including some jewellery.

“A good amount of cash was recovered from hidden cavities in the furniture, from under the bed and in bathrooms. Investigations are still on,” a senior I-T department official said.

A number of alleged undisclosed investments of the firm and its executives are being probed, the official said.

Queries to the company on the action by the Income Tax department remained unanswered.

According to the company's website, JBM Group has a turnover of USD 1.2 billion with a diversified presence in automotive, engineering and design services, renewable energy and education sectors.

It has 35 manufacturing plants and four engineering and design centres across 18 locations globally.

Source: Business Standard