By – Aditi Gupta
Bundles of Rs 500 notes found during the Income Tax Department’s search on shoe dealers in Agra had distinctive marks on them. These note bundles had the same kind of slips and the rubber that was employed to tie them.
Shoe parts and materials are Ramnath Dung’s major business at Harmilap Traders in Agra, got very wealthy in 20 years. In the raid, the Income Tax team collected around Rs 60 crore. The notes are still being tallied. Given this circumstance, an important query is where Ramnath Dang’s residence obtained so many bundles of Rs 500 notes. Considering that over 500 bundles of Rs. 500 notes have a similar design, even the officials are taken away.
On decks with comparable styles, the slips are installed in the same way. Each bundle of rubber is equally tied in the same manner. Income Tax inspectors believe that all of these bundles may have originated from the same individual in this particular scenario. Income tax authorities are occupied with this inquiry. Additionally, BK Shoes has a high turnover. Another big company is Manshu Footwear. Real brothers own both Manshu Footwear and BK Shoes. Large-scale land deals have taken place on the Inner Ring Road. It’s also feasible that this sum came from a significant transaction. The Income Tax Department’s move is thought to have been inspired by whistleblowing.
For the past 1.5 months, the domestic shoe business has been mired in the code of conduct. Worries of cash seizure additionally postpone large payments in the shoe industry. The sellers failed to even gather the total number of slips. Seasonal goods are prepared for the following month in Madras and Assam.
The income tax team’s raid and the vast amount of money that was recovered have terrified the local shoe dealers. According to shoe dealers, this move is going to impact the company’s operations. Before the season even starts, business may be affected. After the raid, businessmen ought to avoid the asafoetida and shoe markets for a period of 15 to 20 days.