IT raid on hair export company unearths Rs 65 cr worth undeclared assets
Bengaluru: Income Tax raids on a hair exporting company in north Karnataka has exposed a staggering Rs 65 crore worth of undeclared assets, informed IT officials of Karnataka and Goa.
The company was raided in December 2017. During the raid it was found that the company had no valid documents to prove the sale of hair worth Rs 65 crores. IT sleuths have also seized jewellery and cash worth Rs 5 crore during the raid. Highly placed sources also revealed that some temples had links with this company.
Exporting hair : The company which used to collect hair from temples, beauty parlours and girls' hostels after paying for the same used to export the same to South Africa and European nations. There is much demand for hair and wigs in European and African nations. Sources say the company has done business worth 6 billion in 2015.
The company reportedly belongs to a Congress leader name Srinivas Gupta. Even the residence of Gupta was raided.
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Two held for EV sales fraud in Karnataka
Bengaluru (PTI): Two men involved in the sale of electric vehicles in the city have been arrested for allegedly defrauding several people by offering two-wheelers at subsidised rates, claiming the benefit was under a central government scheme, police said on Saturday.
The accused have been identified as Hanumantha Bilkar and Rakesh, they said.
Police said an investigation was initiated after receiving two complaints against at the Peenya and Bagalagunte police stations last month.
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According to police, the accused convinced people to buy electric two-wheelers by claiming that they were available at subsidised rates under a central government scheme.
"However, no such scheme exists. The accused allegedly arranged loans in the names of the buyers and had the loan amounts credited to their companies, as per the complaints," a senior police officer said.
Police said the accused got loans sanctioned for nearly double the price of the vehicles and told buyers they only needed to pay the last three to four EMIs, while the 'companies' would pay the remaining instalments.
Initially, the 'companies' paid the EMIs but later stopped doing so, after which banks and finance firms began demanding payments from the buyers, they said.
The officer said the accused sourced parts of electric two-wheelers from Delhi, assembled them in Bengaluru and sold the vehicles through their showrooms.
He added that loans were taken in the names of several people and the investigation is ongoing.
"While vehicles were delivered to many buyers, the companies allegedly stopped paying the EMIs as promised. An investigation is underway to ascertain how many more people were cheated through this fake scheme," he added.
