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I-T dept recovers Rs 7 cr cash, 3kg gold in raid on JBM Group

Press Trust of India  |  New Delhi 

About Rs 7 crore and three kilograms of gold concealed under a bed and in a bathroom have allegedly been seized by the 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 few other cities in north as part of its operation to check evasion, the officials said.

They said the premises of the firm -- Jai Maruti group -- and its chairman S K Arya were raided and sleuths recovered Rs seven crore and about three kilograms of gold, including some jewellery.

"A good amount of 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 of the firm and its executives are being probed, the official said.

Queries to the company on the action by the 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, October 07 2017. 19:42 IST