After making a name for itself in the tobacco industry, Bansidhar now finds itself under the radar of the income tax authorities. In a bid to unravel the company's complex financial web, the bureau today conducted raids on the residence and offices of company chief KK Mishra.
Banshidhar Tobacco Private Limited, a key player in the tobacco industry and a supplier to major pan masala groups, is currently under investigation. Initial reports indicated that the company's declared revenue was between Rs 20 billion and Rs 250 billion, significantly lower than its estimated sales of Rs 100 million to Rs 150 million. An ongoing investigation has uncovered a pattern of secret dealings and a lavish lifestyle.
During the raid, income tax officials seized a collection of luxury watches belonging to Shivam Mishra, heir to the Bansidar Tobacco Company. Among the seized watches, the diamond-encrusted ones are estimated to be worth nearly 2.5 billion rupees, NDTV reported, citing officials.
In the ongoing investigation, income tax authorities have seized a large sum of Rs 7 billion in cash, as well as valuable jewelery and other assets. These additional findings draw further attention to the group's financial position. Additionally, a group of luxury cars registered with distinctive number plate '4018' were seized from Shivam Mishra's residence in Delhi's Vasant Vihar.
After an in-depth investigation involving 15-20 teams across five states, investigators uncovered a trove of luxury cars worth a staggering Rs 5,000 crore. Notably, among the luxurious collection was a Rolls Royce Phantom with a hefty price tag of Rs 1.60 crore, which was spotted at Shivam Mishra's residence in Delhi's Vasant Vihar. The raid, carried out with military precision, exposes an empire built on deceit and financial manipulation. Authorities suspect a large discrepancy between the company's declared income and actual sales, suggesting that funds may have been hidden through offshore accounts or falsified ledgers.
Once considered an untouchable patriarch, KK Mishra now finds himself trapped in a web of his own creation. Once thought to be an impregnable fortress, the Bansidhar Tobacco Company is now exposed, its foundations at risk and its closely guarded secrets exposed.
