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Wednesday, April 24, 2024

Luxury Cars, Millions in Cash Seized from Tobacco Tycoon’s Residence

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A spectacle unfolded as luxurious vehicles, including a Rolls Royce, Porsche, and Lamborghini, each adorned with license plates bearing ‘4018’, were discovered amidst a flurry of activity reminiscent of Hrithik Roshan’s iconic character from the hit song ‘Kaho Na Pyaar Hai’. At the center of this lavish display stood Shivam Mishra, scion of a tobacco empire now under scrutiny in a multi-state investigation by the income tax department.

The income tax department’s extensive raids on Banshidhar Tobacco Company have unearthed a labyrinth of financial intricacies spanning across multiple states and even international borders. Twenty locations, including Kanpur, Delhi, Mumbai, and Gujarat, were targeted, exposing alleged discrepancies in reported turnover that significantly diverge from actual earnings.

Operating across five states, fifteen to twenty teams meticulously combed through the tobacco empire’s affairs, leading to the discovery of a staggering cache of luxury vehicles valued at ₹ 50 crore. Notably, a Rolls-Royce Phantom, priced at ₹ 16 crore, was among the treasures seized from Shivam Mishra’s residence in Delhi’s Vasant Vihar.

Additionally, a McLaren, Porsche, and Lamborghini were among the luxury vehicles confiscated from Mishra’s abode. Alongside these lavish possessions, income tax teams seized ₹ 4.5 crores in cash and numerous documents during the raids.

The focal figure in this scandal is KK Mishra, the patriarch of the tobacco dynasty. Banshidhar Tobacco Private Limited, a prominent player in the industry supplying products to major pan masala groups, reported an income of ₹ 20 to 25 crore, significantly lower than the purported turnover of ₹ 100-150 crore.

The raids have unveiled not only tax evasion but also violations of Goods and Services Tax (GST) regulations within the company’s operations.

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