News Analysis India

Tag: Nilay Daga

  • Madhya Pradesh Congress MLA gets death threat, files police complaint

    By PTI
    BETUL: A Congress MLA from Madhya Pradesh has alleged that he has received a death threat and lodged a police complaint into the matter, an official said on Sunday.

    Nilay Daga, the legislator from Betul, in his complaint said he received a phone call from an unidentified person on Saturday evening.

    The caller started using abusive language and later allegedly threatened to kill him, Betul’s sub-divisional officer of police Nitesh Patel said.

    Following this, Daga filed a complaint at Kotwali police station on Saturday night, the official said, adding a case was registered against an unidentified person under relevant Indian Penal Code sections.

    A preliminary investigation into the case revealed the caller’s location was between Hoshangabad and Itarsi, he said.

    Search for the caller was underway, he added.

  • I-T dept detects Rs 450 crore undisclosed income by firm owned by MP Congress MLA’s kin

    By Express News Service
    BHOPAL: The searches by I-T sleuths at the premises of a business group owned by an MP Congress MLA’s family have unearthed undisclosed income of over Rs 450 crore. 

    The searches and associated investigations have also led to evidence, including chats among key persons of the business group, that reflect unexplained cash payment and hawala transactions of over Rs 15 crore.

    The searches had been continuing since February 18 at 22 premises of the Betul-based Soya products manufacturing group at Betul and Satna (in MP), Mumbai and Solapur, and Kolkata.

    The business group is reportedly owned by the family of Congress MLA from MP’s Betul seat Nilay Daga.

    According to official information released by the Central Board of Direct Taxes (CBDT), incriminating evidence in the form of digital media such as laptops, hard drives, pen drives, etc have been found and seized. From the investigations so far, undisclosed income of over Rs 450 crore has been detected.  

    Also, during the course of the search operation, unexplained cash of over Rs 8 crore and unexplained foreign currency of various countries amounting to more than Rs 44 lakh was seized. As many as nine bank lockers were also found during the search.

    As per the CBDT’s official statement, the group has introduced unaccounted income to the tune of Rs 259 crore by way of the introduction of the share capital at a huge premium from Kolkata-based shell companies. The group has also introduced an undisclosed income of Rs 90 crore in its books of accounts by way of the sale of paper investments in shell companies to another set of shell companies in Kolkata. 

    Surprisingly, none of the companies was found to be operational at their shown address and the group could not confirm the identity of such paper companies or any of its directors. Many of these paper companies were found to be struck off by the Ministry of Corporate Affairs. 

    During the search, it was seen that bogus loss to the tune of Rs 52 crore has been claimed by the group to suppress their profits, by indulging in an intra-group out-of-exchange contract settlement. Various companies were formed in the name of employees to carry out these transactions, while there was no actual business carried out between them. Directors of these companies were not aware about any such transactions. 

    The group has also claimed incorrect Long Term Capital Gains exemption of over R 27 crore on sale of shares of a group entity. Investigations revealed that the purchase of these shares was not genuine as group directors purchased shares of this entity at nominal value from non-existent Kolkata-based shell companies. 

    Various types of evidence including chats among key persons of the group reflect unexplained Cash reflected unexplained cash payment and hawala transactions of over Rs 15 crore.

  • IT Dept raids at 18 locations owned by Congress MLA Nilay Daga’s family across three states

    By Express News Service
    BHOPAL: Extensive searches by the Income Tax Department started on Thursday at the premises of edible oil business group owned by the family of Madhya Pradesh Congress MLA Nilay Daga in three states.

    The searches began at around 18 locations in Betul and Satna in BJP-ruled MP, Mumbai and Solapur in Maharashtra and TMC-ruled West Bengal’s capital Kolkata.

    In Betul, the home district of the powerful Daga family in Madhya Pradesh, the searches were carried out at around seven locations by the IT department team, which went in the garb of a wedding procession on the raided locations. The raided locations included the family’s residential premises, factories and also a school in Betul district.

    Searches also started at the group’s oil unit in Satna district of MP, besides factories in Solapur and the corporate office and related premises in Mumbai. An associated search was also carried out in one premise related to the group in Kolkata.

    According to key sources in the IT department, the business group is primarily engaged in the business of solvent extraction, refining of edible oils, oil seeds development and manufacture of animal feeds, besides trading of de-oiled cakes.

    The Betul Oil Limited Group is one the leading integrated processors of soybean and sunflower seeds in the country, having solvent extraction units at Betul and Satna in MP and Solapur in Maharashtra.

    The business group also operates two wind energy power generation units in Maharashtra’s Dhule and MP’s Dewas. The group’s products are marketed across 17 states in the country, sources added.

    While the searches are likely to continue for at least the next couple of days, on the first day, the IT department sleuths have seized some incriminating digital records, which could lead to significant unaccounted income.

    Sources added that the ongoing searches have also led to documents pertaining to the Group’s key players being into credit business and real estate trade. The searches have also led the income tax sleuths to at least five bank lockers so far.