Mumbai, 22nd April 2022: While analyzing the accounts by comprehensive analytic tools of Maharashtra GST, the department noticed a sudden spike of gross turnover of M/s Chamunda Bullion from 22.83 Lakhs (2019-20) to 652 Crore (2020-21). The similar trend was observed in the next financial year wherein the gross turnover reached 1764 Crore.
Thereafter investigation visit was conducted at various business premises of M/s. Chamunda Bullion, in Zaveri bazar, Mumbai on dt.16.04.2022 by team of Maharashtra State GST, Investigation-B, Mumbai. Most of the places were not disclosed as place of business in registration with GST department.
During search at one of such undisclosed premises, cash of Rs 9.78 crores and Silver Bricks weighing 19 Kg (Rs. 13 lakh) were found hidden inside the walls and the floor of the premises measuring 35 sqft. Owner of the premises as well as family members denied about any knowledge of the cash found and thus denied its ownership.
Hence, the place was sealed by State GST department and facts were communicated to Income Tax Department. Accordingly, in the evening of 20/04/2022, Income Tax Department arrived at the premises and started counting the cash which went for 6 hours till next morning. The tax payer approached the Session court for anticipatory bail to avoid imminent arrest from the State GST Department.
Now the Income tax Department will investigate the source of unexplained cash and valuables. Further Investigation regarding suppression of GST is underway with Maharashtra state GST.
This operation of investigation is being conducted under the supervision of Rahul Dwivedi (IAS) Joint Commissioner of State Tax, Investigation-B and Vinod Desai Dy. Commissioner.
In this financial year the department has already made five major arrest till now thereby giving a strong signal to the defaulters and tax evaders that the GST Department will leave no stone unturned to nab the culprits.