The Income-Tax department conducted a search operation on one of India’s largest meat export firms AMQ Agro India Ltd and its proprietor Moin Qureshi. The raids that began on Saturday were carried out by around 50 I-T officials at about 15 locations in Delhi, Gurgaon and parts of Uttar Pradesh.
I-T officials deputed to the search operation said besides Qureshi’s office in Defence Colony in Delhi, residences and offices of his trusted employees and associates were searched. Prior to that, a scrutiny of Qureshi’s last 7 years of I-T returns revealed the exporter has assets “disproportionate” to his known and declared income.
An I-T official said on condition of anonymity, “What makes the case interesting is we are suspecting that the businessman might be holding assets on behalf of other people, one of whom possibly holds an important position in Government. It is the suspicion of third party involvement that makes the case a sensitive one.’’
By Sunday night, I-T officials said an assessment of recoveries was still being made. Qureshi was unavailable for comment when The Indian Express tried to contact him.
I-T sleuths are understood to be putting exporter’s foreign bank accounts and properties in Dubai under the scanner. Also under scrutiny will be a farmhouse on the outskirts Delhi, visited by the sleuths during the search operation.
AMQ’s turnover for the last two years is approximately Rs 167 crore, according to filings with Registrar of Companies (RoC). I-T officials pointed out that Qureshi’s wealth in the last few years is “several times over his company’s total turnover for the 7 years.”