Assets worth Rs 170 cr seized after 14 hrs IT raids on financial institution in Maharashtra's Nanded

The cash and gold were recovered from the premises of Bhandari Finance and the Adinath Urban Multistate Co-operative Bank., reported India Today

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

Vinay Bhandari, Sanjay Bhandari, Ashish Bhandari, Santosh Bhandari, Mahavir Bhandari, and Padam Bhandari together own the huge personal finance enterprise in Nanded.

Hundreds of officials from the Income Tax Department in Pune, Nashik, Nagpur, Parbhani, Chhatrapati Sambhajinagar, and Nanded worked together in the raids spanning from May 10 to May 12 due to suspected tax evasion, said the report.

The officials arrived in Naded in a convoy of 25 private vehicles and targeted various locations including the Bhandari Finance Private Limited office in Ali Bhai Tower, an office in Kothari Complex, three offices in Kokate Complex, and the Adinath Urban Multistate Co-operative Bank, according to the report.

Private residences in Paras Nagar, Mahavir Society, Farande Nagar, and Kabra Nagar were also subject to raids.

This is the first time such extensive tax raids were conducted in Nanded.

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