A joint team from the Central GST’s Special Investigation Branch (SIB) from Noida and Greater Noida conducted a raid on Wednesday at the factory of Tarun Agarwal and Varun Agarwal in Shastri Nagar, the Noida-based LED TV manufacturers and at the house of Dealer in Bareilly.
During search at the residential premises of dealer in Bareilly, unexplained cash of Rs 5.96 crore approx. was seized.
During search at the factory premises at Noida, the Director when confronted with incriminating data/records, voluntarily deposited Rs. 1.5 crore towards the GST liability. Unexplained cash of Rs 17.7 lac was also seized from the factory premises.
The operation, carried out under tight security, saw officers sealing the premises and examining financial documents related to business transactions. Due to the large volume of cash, a currency counting machine was brought to the location. Sources said the machine overheated at one point, temporarily halting the counting process.
GST Surveillance and Background
According to officials, the Agarwal brothers run factories in Parsakheda, manufacturing electronic goods and mattresses, with their products supplied beyond Noida. The Central GST team had reportedly been monitoring the firm’s transactions for some time and, after detecting discrepancies in financial records, arrived at their residence in three vehicles around noon.
Income Tax Department Takes Over Cash and Documents
Following the discovery of the cash, the Income Tax Department seized the money and deposited it in a bank, while sealing the businessmen’s laptops and transaction documents for forensic examination. The inquiry will continue on Thursday, with both departments coordinating their efforts.
Factory and Shops May Be Next in Line
Sources indicate that the GST team may extend its search to the factory in Parsakheda and a shop near the Roadways area, where the businessmen sell factory-made products. A truck loaded with goods was also found parked outside the residence, raising suspicion that inventory may have been stored at the house as well.
Business Community in Shock
News of the raid sent shockwaves through Bareilly’s business circles. Several local traders, including Anil Agarwal, State Secretary of the Bharatiya Udyog Vyapar Mandal, arrived at the scene to speak with officials. Authorities have stated they will comment only after the completion of the investigation.
Rumors of Gold Recovery
Late in the evening, rumors circulated that 2 kilograms of gold had also been recovered from the Agarwal residence; however, no official confirmation has been issued.
As of now, both the Central GST and Income Tax Department continue to examine the seized materials and financial records, with further action expected in the coming days.
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