The Income Tax Department seized unaccounted property worth Rs 170 crore, including Rs 14 crore in cash and 8 kg of gold, after a 72-hour raid at finance firms in Maharashtra's Nanded in connection with tax evasion. The cash and gold were recovered from the premises of Bhandari Finance and the Adinath Urban Multistate Co-operative Bank.

According to information, it took officials 14 hours to count the entire amount of the recovered cash.

Siblings Vinay Bhandari, Sanjay Bhandari, Ashish Bhandari, Santosh Bhandari, Mahavir Bhandari and Padam Bhandari own the large personal finance business establishment in Nanded.

Due to tax evasion, hundreds of Income Tax Department officials from Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar and Nanded jointly carried out the raids that started on May 10 and ended on May 12.

The team, which reached Nanded in 25 private vehicles, raided the Bhandari Finance Private Limited office in Ali Bhai Tower, an office in Kothari Complex, three offices in Kokate Complex and Adinath Urban Multistate Co-operative Bank.

Apart from this, raids were also conducted on private residences in Paras Nagar, Mahavir Society, Farande Nagar and Kabra Nagar.

This is the first time that Nanded has witnessed such a large-scale tax raid.

The Income Tax Department has initiated further action against the accused.

Source: India Today