The Income Tax department conducted raids at premises of two leading companies and recovered Rs six crore cash along with bogus shares of Rs 595 crore, officials said today.
The IT team started conducting the raids of the companies, which are involved in real estate, pharma, iron ore and scrap, yesterday and is still underway.
"The IT teams conducted raids at 36 premises of Tirupati Sun World and Apple Industries Limited. The raids are still underway," Director General (Investigation) Krishna Saini said.
"During raids at four places of Tirupati Sun World, which is involved in gas cylinder, pharma and real estate business, rupees six crore cash has been recovered," he added.
He said that in the raids conducted at Tirupati, bogus shares of Rs 120 crore were also recovered.
Residential and office premises of owners -- YK Gupta, Dinesh Goel and Ashish Garg at Delhi, Noida, Krukshetra, Ghaziabad, Ponta Saheb and Muzaffarnagar -- of the company were raided.
The DG said that Tirupati took bogus shares from 45 persons and all the bank accounts are registered with the addresses of Garg and Goel.
Twelve of the premises of Apple company were being raided, with officials recovering a bogus shares of more than Rs 475 crore, out of which Rs 300 crore were routed through Hong Kong, he said.
The two companies were not immediately available for comment.
