Officials raid Swastik Spices and Fore Agro for alleged IT and GST frauds
Hyderabad: Officials from the Income Tax (IT) department on Monday conducted raids at seven different places of Swastik Mirchi outlet and Fore Agro LLP offices, including premises of their owners for alleged violations in filing Income Tax returns (ITRs) and mismatch of GST details in connection with purchase of land worth crores.
Around 6 am, the officials knocked on the doors of Swastik Spices directors -- Vijay Kumar Shah and Rachit Vijay Shah, located at road no. 12, Banjara Hills, Begum Bazar and Elikatta village of Farroqnagar mandal in Ranga Reddy district.
The raids were over suspecting hawala cash transactions as regards Swastik mirchi powder and reported diversion of funds into real estate. The Swastik Spices, which manufactures premier products, including spices and pickles, at Begum Bazar, is a market leader with a PAN India presence.
The agency officials suspect that the business activity in Begum Bazar revolves only around cash transactions and does not accept UPI and digital payments.
