Gaya based Industrialist's Rs 9 cr bank transaction under IT scanner

Income Tax officials are searching for 'illegal bank transactions' to the tune of over Rs 9 crore of a Gaya based industrialist, made allegedly with the connivance of bank officials.

Income Tax, civil and police officials in Gaya said that preliminary probe has brought to light those transactions of industrialist Moti Lal via benami bank accounts.

Income Tax sleuths raided three premises of the industrialist who owns Moti Lal Cotton Pvt Ltd in Pattua Toli locality here and discovered the transactions with the help of some bank officials.

Director (Investigation) Income Tax Ashok Kumar Sinha confirmed to PTI about the search.
 
He, however, refused to give more details as the probe was on.