The Economic Offences Wing (EOW) of the Rajkot city police has seized cash worth Rs 2.14 crore from an agricultural commodity trader for allegedly running a money-lending business without due approvals and launched an investigation with the police saying that the Income Tax department has also been alerted about the seizure.
Acting on a tip off that a person was on his way to deliver a large amount of cash to someone in Morbi, EOW officers intercepted a car near Bedi village on the outskirts of Rajkot city Tuesday and found Rs 90 lakh cash from the vehicle. The man was later identified as Nilesh Bhalodi (44), a resident of Ambika Township in Rajkot. Subsequently, police conducted a search operation at Bhalodi’s office on Nana Mava Road and seized cash worth Rs 1.24 crore from there.
Deputy commissioner of police (crime) Parthrajsinh Gohil said Bhalodi held the licence for commodity trading at Upleta agricultural produce market committee (APMC) in the district. However, Bhalodi was accepting money in his bank accounts from traders outside Gujarat on behalf of someone else who had sold goods to those traders.
After allegedly charging Rs 550 commission per Rs 1 lakh, Bhalodi would withdraw cash from his accounts and hand it over to persons who had sold goods to traders outside Gujarat. To make the payment through banking transactions genuine, Gohil said, Bhalodi used to raise fake invoices recording the sale of agricultural commodities to the concerned traders outside Gujarat and in the process help the actual sellers save taxes.
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