The Income Tax department has laid bare a sophisticated financial labyrinth surrounding Banshidhar Tobacco Company, unmasking a network of deceit that spans across states and even transcends international borders.
The meticulously coordinated raids, conducted at 20 locations, including Kanpur, Delhi, Mumbai, and Gujarat, have brought to light alarming disparities between the reported turnover of Banshidhar Tobacco Company and its actual financial transactions.
A force of 15 to 20 teams meticulously combed through five states, unearthing a treasure trove of opulence worth ₹50 crores. The standout discovery was a fleet of luxury cars valued at a jaw-dropping ₹16 crores, prominently featuring a Rolls-Royce Phantom, found at the residence of Shivam Mishra in Delhi’s affluent Vasant Vihar.
Shivam Mishra’s home, a haven for extravagance, harbored not only the Rolls-Royce Phantom but also a fleet of other high-end vehicles, including a McLaren, a Porsche, and a Lamborghini. Simultaneously, the Income Tax teams seized ₹4.5 crores in cash, alongside a cache of incriminating documents, painting a vivid picture of financial misconduct.
At the heart of this fiscal scandal is KK Mishra, the patriarch of the tobacco empire. Banshidhar Tobacco Private Limited, a major player in the tobacco industry catering to significant pan masala groups, has been revealed to have reported an income of ₹20 to 25 crores, starkly contrasting with the actual turnover estimated between ₹100 to 150 crores.
The ramifications of the raids extend beyond mere tax evasion, uncovering a blatant violation of Goods and Services Tax (GST) regulations.