The Income Tax Department conducted searches on prominent coal traders in West Bengal. Income Tax got the intelligence that a large scale of unaccounted cash being generated and used for various purposes. Searches conducted by Income Tax led to the seizure of documents indicating that coal traders held bogus investments in unquoted equity shares around ₹150 cr. Income Tax found these sale transactions were sham, and after confronted with the evidence, coal trader admitted it. This is his first visit to West Bengal after the COVID-19-induced lockdown.

Source: dna November 06, 2020 13:41 UTC