Dealers wary as tobacco maker’s premises raided - ECAS Punjab

Dealers wary as tobacco maker’s premises raided

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Our Correspondent

Mandi Ahmedgarh, October 30

The Income Tax Department raided the establishments of a leading cigarette manufacturer of Nakodar, and his associates located in Ludhiana, Nakodar, Jalandhar and Kapurthala. The authorities had suspected the cigarette tycoon of amassing black money worth crores in the tobacco products business over a few years of manufacturing, but the investigation also revealed that the tobacco tycoon had spread tentacles in the field of manufacturing duplicate cigarettes of high standard and foreign brands, automobiles and real estate.

Issued notice earlier

  • The Income Tax Department had issued a recovery notice worth crores to the tycoon a few years ago
  • He was shutting down a company and restarting it in another name. As many as 16 companies stood in his name then

Cigarette and bidi dealers of the region and those dealing with the top notch cigarette manufacturer are now scared after receiving reports about action being taken against him. Some are occupied in getting account books updated, others are busy clearing stocks of cigarettes suspected to be specious. Stocks of cigarettes of renowned brands and foreign brands, but procured through a network of this manufacturer, are being cleared.

However, exclusive dealers of Indian Tobacco Company Limited and other standard companies are glad as his alleged clandestine business activities to manufacture and supply duplicate cigarettes had drastically affected their balance sheets.

A tobacco product dealer of the town said the cigarette manufacturer was close to senior functionaries of the state Taxation Department and would be able to come out of the present crisis. "Though we have never received direct supplies from him, our suppliers have been talking high of him," said the dealer.



from The Tribune https://ift.tt/2GeZsFN

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