The Income tax department has recommended a special audit into the accounts of the Nirmal Bang group. In its appraisal report following the raids on brokers, the investigation department has said: "Considering the complexities involved, the volume of transactions as high as Rs 200 crore per day and the issues of tax evasion involving revenue of tens of crores of Rupees, it is advised that the assessing officer (AO) may get the special audit done of the important cases of the group."
"Certain practices adopted by the group which were suspected to be irregularities as per Sebi laws were identified during the post-search investigations. Information was passed on to the Sebi for necessary action at their end," the department's note says.
The department has said the flagship concern of the group is Nirmal Bang Security Pvt Ltd (NBSPL) and Nirmal Mishrilal Bang is the main person who is managing all activities of the Group with the help of his younger brothers - Dilip Bang and Kishore Bang.
The Group has eight main companies - NBSPL (BSE Clearing member), Bama Securities Ltd (NSE clearing member), Bang Equity Broking Pvt Ltd (BSE clearing member), Bang Securities Pvt Ltd (sub-broker of NBSPL/BEBPL/BSL), Kishore Bang (OTCEI clearing member), Rockhard Trading & Investment Pvt Ltd, Ennembee Securities Pvt Ltd and Nadi Finance & Investment Pvt Ltd. It also has 16 other companies, the department has said.
