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Income Tax probing alleged tax evasion by Riddhi Siddhi
June, 20th 2013

The Income Tax department, probing the case of alleged tax evasion by Riddhi Siddhi Bullion Ltd and its managing director Prithiviraj Kothari, said accounts and other company details are completely in disorder.

"The accounts are completely in disorder. Even for understanding one entry, we take two hours and so far we are in the process of trying to understand entries," an Income Tax official said.

He said until entries of accounts are not understood, the investigation cannot proceed further. Sources also said Kothari's mobile phone call data records are being examined.

"Whenever we ask Kothari to explain an entry in his accounts, he goes into so many things and comes up with an explanation," an official said.

The department had begun conducting searches on June 11 on 55 company premises and Kothari became available before Income Tax officials only on June 14.

Tax evasion, import and export using bogus documents and hawala transactions are also being probed.

The Central Board of Direct Taxes has also suspended an Income Tax official who allegedly leaked information about the searches to Kothari beforehand.

 
 
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