Betul: The Income Tax Department has raided business premises associated with the family of Congress MLA Nilay Daga from Betul in Madhya Pradesh. In this case, assets worth more than Rs 450 crore have been recovered. According to reports, Nilay and his family have shown Rs 259 crore only from share investments in different companies. Simultaneously, a large amount of their undisclosed assets have been obtained through investment in shell companies. Regarding the matter, the Central Board of Direct Taxes said the action was taken simultaneously at Betul and Satna of Soya Products Manufacturing Group based in Betul, Solapur in Maharashtra, Mumbai and Kolkata in Bengal.

It is being said that Rs 8 crore cash was received during this period and the company could not say anything about it. The CBDT states, "No company was found to be operating at the given address. The group also could not even confirm the identity of such paper companies or any of its directors. Many paper companies were also found close by the Ministry of Corporate Affairs." It has also been reported that the group also wrongly claimed that the sale of shares of the group unit was exempted from long-term capital gains of more than Rs 27 crore.

Investigations have revealed that the purchase of these shares was not genuine as the directors of the group bought shares at nominal value. It is being said that sources in the Income Tax Department have told that Nilay Daga and his brother were doing fake transactions with 24 companies of Kolkata. Its main purpose being said was tax evasion. Hundreds of such documents have been received by the Income Tax team, which proves that the Daga brothers have done transactions of up to Rs 100 crore from these companies.

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