I-T raids over 70 locations of Uflex; Rs 1.50 crore in cash recovered from Noida branch

Uflex Income Tax Raid News: Income Tax department sleuths on Thursday continued their raids for the third straight day at more than 70 locations of packaging company Uflex across the country. A total of 32 locations of the Group are being raided in Noida alone. According to a report by IANS, officials have so far recovered Rs 1.50 crore in cash from the company's premises in Noida.The officials have detected bogus transactions worth more than Rs 150 crore, the report said.

Ten shell companies and documents revealing suspicious transactions have also been found, it added.

The officials believe that the figure of bogus transactions can go up to Rs 500 crore. Fifteen lockers have also been found, which will be opened soon.The officials found 20 bank accounts belonging to people from the economically weaker section of society with transactions ranging from Rs 5-50 crore.

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Documents of suspicious transactions of about Rs 100 crore have been found in Jammu and 150 such suspicious documents were found in Uflex group's locations in Noida Sector 4 and Sector 57 during the raids.Shares of Uflex traded in red at Rs 438 apiece on NSE around 3 PM.

Founded in 1985, the Noida headquartered Uflex is the largest multinational flexible packaging and solutions company.

(With IANS inputs)

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