IT raids Ushabala Chits fund; seized Rs 17.68 Cr assets including gold, silver
By Coreena Suares Published on 18 Feb 2021 5:00 PM GMT
Hyderabad: Sleuths of Income Tax carried out searches against Eluru based Ushabala chits private limited and seized assets worth Rs 17.68 Crore including cash gold jewellery, bullion and silver.
Different teams search properties located across Andhra Pradesh and Telangana. The group entities are engaged in film financing, aqua culture, real estate, distribution of films and money lending.
Usha Bala Chits Private Limited is an unlisted private company incorporated in 1986 . Its registered office is located in Narasimha Rao Pet, Eluru of Andhra Pradesh. The company is represented by Vadlapatla Venkata BalakrishnaRao, Usha Rani Vadlapatla.
The longest serving director is Vadlapatla Venkata Balakrishnarao and has been on the board for more than 34 years. The most recently appointed director is Santhi Priya Vadlapatla.
Vadlapatla Venkata Balakrishnarao has the largest number of other directorships with a seat at a total of 10 companies. In total, the company is connected to 9 other companies through its director.
During the search operation, teams confiscated hand written books, agreements and loose sheets depicting undisclosed cash transactions were seized.
"The group is lending huge amounts in cash and collecting interest for the same in cash, which are undisclosed. It is also observed that certain entries totaling to Rs.13 crore were deleted from the cloud data, but recovered. A major suppression of income from distribution of films and running theatres has also been observed. The group is also accepting cash over and above the registration value in sale of plots" said IT officials.
Total assets worth Rs. 17.68 crore was seized which includes cash of Rs.14.26 crore, gold Jewellery, Bullion and Silver valued at Rs. 3.42 crore have been seized so far.
The highlight of the search action is the seizure of such huge amounts of cash and gold in mofussil stations like Eluru and Rajamahendravaram. In total, the search has resulted in detecting incriminating evidence relating to undisclosed financial transactions of Rs. 161 crore from Financial year 2016-17 to 2019-20, taxable in the hands of both the transacted parties.
Investigation is underway.
