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The Hindu
The Hindu
National
Devesh K Pandey

Start-up accused of ₹400-crore fraud

Thane Pune

NEW DELHI

The Income-Tax Department has accused a unicorn start-up group, having an annual turnover of over ₹6,000 crore, of showing bogus purchases, making huge unaccounted cash expenditures and obtaining accommodation entries, amounting to about ₹400 crore.

The group directors have disclosed an additional income of more than ₹224 crore in various assessment years, and offered to pay their due tax liability. During the probe, the agency also unearthed a complex “hawala” network involving some shell companies operating from Mumbai and Thane, which provided accommodation entries (bogus transactions) worth over ₹1,500 crore.

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