May 26, 2022

India’s Income Tax Department says it has unearthed and seized “a large body of incriminating evidence” that a Pune and Thain unicorn startup ordered “fake purchases” citing infra-markets. income. A rare test in a startup., a $2.5 billion startup backed by Tiger Global, Nexus Venture Partners and Accel that helps construction and real estate companies source materials and logistics for their projects, is “largely non-invasive-responsible-out-of- out of pocket expenses and housing imports, which together amount to more than 400 crores of rupees. [$52.7 million]This is stated in the press release of the department on Sunday.

Startup executives, faced with tax authorities, “under oath” adopted this methodology and disclosed additional income of more than Rs 224 crore. [$29.49 million] in different tax years, and accordingly offered to pay their taxes,” the ministry said. co-founder and chief executive Suvik Sengupta did not respond to the comment.

Indian news channel Entrackr reported in November that the startup would close another $4 billion round.

The department under investigation said it had also uncovered a “complex hawala network of several shell companies from Mumbai and Thane” that exist only on paper and “provide materials for housing.”

Preliminary analysis showed that the total amount of accommodation provided by these shell organizations exceeds Rs 1,500 crores. Rs 1 crore worth of undisclosed cash and 22 lakh worth of jewelry have been seized so far. The department said.

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