wordpress blog stats
Connect with us

Hi, what are you looking for?

Chennai IT raid reveals hidden cloud servers for unaccounted income

During a raid at the offices of Jain Metals in Chennai, the Income Tax Department found ₹400 crore in unaccounted income, the Central Board of Direct Taxes announced on February 29. The investigators found hidden cloud servers that hosted a parallel accounting system, separate from the one the metal processing and financing group generally used. In an obvious call back to analog black money accounting practices, the group called the accounts on the hidden servers “kachcha” accounts.

While the Income Tax department did not name Jain Metals, Patrika and the New Indian Express reported the identity of the raided group. No proceedings have been announced yet apart from the seizures.

A large amount of encrypted data was also retrieved from a pen drive obtained from a “third party premise”. Both the pen drive and cloud servers were  decrypted “to gather information about the unaccounted capital accumulated by the group”. The IT Department also also gathered evidence for the introduction of unaccounted funds as bogus share premium in one of the conglomerate’s companies. Property documents, promissory notes, post-dated cheques were have also been seized along with cash worth ₹1 crore.

You May Also Like

News

The government will levy Income Tax and Goods and Services Tax (GST) on commissions and trading gains made from trading Bitcoins and other crypto-currencies,...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ