LAGATAR24 NETWORK
Ranchi, Dec. 17: The Income Tax (IT) department suspects that taxes worth Rs 400 crore were evaded by Ranchi-based doctor Majid Alam besides steel giants whose premises were raided by the tax agency.
Sources said that Rs 40 lakh cash was recovered from the premises of Dr Majid Alam and he is alleged to have done a tax evasion worth Rs 8 crore. He is the owner of Alam Nursing Home besides he is the central committee member of the Islamic Development Bank.
“He is associated with this bank. We are investigating whether he made some investments through this bank beyond the knowledge of the department,” said well placed sources. Other than Majid Alam, steel giants namely Mongia, Saluja and Ganga Prasad are alleged to have done tax evasions.
Talking about the outcome of the raid sources said that 15 bank lockers have been sealed besides a large amount of digital and documentary evidence have been seized. Besides, details of payments have been recovered during the raid. The cash worth Rs Three Crore has been recovered. The raid started on December 14 and it is likely to continue till tomorrow. Today the raid continued at five premises of steel giants.
