Mumbai, May 15, 2024: In a significant crackdown, Income Tax officials have unearthed illegal wealth amounting to ₹170 crores belonging to the Bhandari family in Nanded, Maharashtra. The operation, spanning three days, involved raids on various locations linked to the Bhandari brothers’ enterprises, including unlisted chit funds, microfinance, leasing, and gold loan companies.
Led by a joint team from Chhatrapati Sambhajinagar and Nashik Income Tax Departments, the raids targeted six premises of Bhandari Finance and its associated firms. The focus was on uncovering unaccounted assets and financial irregularities aimed at tax evasion.
Sanjay Bhandari, the proprietor of Bhandari Finance, came under scrutiny as tax officials delved into the operations of the firm established in September 2022. Additionally, Bhandari Buildtech Private Limited, incorporated in October 2022, was also raided for suspected discrepancies in financial records.
The operation involved around 30-40 officials from Pune, Nashik, and Chhatrapati Sambhajinagar, who descended upon Nanded in a fleet of unmarked vehicles. Raids commenced at the Kokate complex and Ali Bhai tower in Shivaji Nagar, Nanded, where account books, ledgers, electronic devices, and undisclosed assets, including ₹14 crore in cash and 8 kgs of gold, were seized.
Senior tax authorities remained tight-lipped regarding the specifics of the raids and the assets seized from the Bhandari brothers’ establishments. However, it has been confirmed that a total of ₹170 crores in unaccounted assets and transactions have been detected by the IT sleuths, marking a significant breakthrough in the fight against financial irregularities and tax evasion.
