Angadia Firm Raids: 10 Crore,1KG Gold Found, Income Tax Team Joins Probe

Today, CID Crime uncovered rampant fraud across various levels in the state. Upon receiving complaints about bogus accounts, CID Crime conducted raids on several branches of Iscon Arcades in CG Road, Ahmedabad, and more than 25 locations across the state. These raids resulted in uncovering illicit gains totaling 10 crores in cash and one kilogram of gold. Teams from the Income Tax department also joined the investigation. Raids were conducted from morning till evening.

Daring Raids Led by Teams of 40 Officers at 25 Locations

Based on complaints regarding bogus accounts and fraudulent practices within various levels of society, CID Crime launched daring raids across the state. These operations have sent shockwaves among the leadership of local branches. Teams comprising over 40 officers were deployed to conduct raids at 25 locations statewide, including a prominent branch on CG Road, Ahmedabad. As per available information, the raids have resulted in the recovery of 10 crores amidst fraudulent activities.

Uncovering Malpractice by Local Branches

Several local branches, including H.M. Enterprises, P.M. Enterprises, and New Outlets, situated within Iscon Arcades in Ahmedabad, were found involved in fraudulent activities. Complaints regarding these malpractices were lodged, leading to subsequent raids by CID Crime. The ongoing investigation aims to uncover further irregularities and ensure compliance with legal statutes. Moreover, there are possibilities of conducting similar investigations in the future and scrutinizing major transactions during the tax assessment period.

Police Uncover Massive Fraud Involving 10 Crores and a Kilogram of Gold

The Gujarat Police have initiated investigations into fraudulent activities within local branches in Ahmedabad and Surat. During the investigation, a significant amount of 10 crores in cash and one kilogram of gold were seized. Income Tax officials were informed about these findings. Following this, an immediate joint operation commenced between Income Tax and Police teams to probe the financial irregularities. Additionally, details of transactions totaling 200 crores have been handed over to the Income Tax department for further scrutiny within the next three months.