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Ponty Chadha Group Denies Rs 100 Cr Cash Found By I-T

New Delhi, Feb 2: Wave Infratech, the group owned by UP liquor baron Ponty Chadha, today denied newspaper and media reoports that Rs 100 crore or more cash was found from a safe in the

India TV News Desk [ Updated: February 02, 2012 18:48 IST ]
ponty chadha group denies rs 100 cr cash found by i t
ponty chadha group denies rs 100 cr cash found by i t

New Delhi, Feb 2: Wave Infratech, the group owned by UP liquor baron Ponty Chadha, today denied newspaper and media reoports that Rs 100 crore or more cash was found from a safe in the group's offices in Noida. 


A press statement released by Wave Infratech said: "Income Tax officials who have visited the premises of the group have not found any cash from the safe lying at the basement floor of Central Stage Mall, Noida, contrary to reports that Rs 100 crores or above have been found and seized from the safe."

The statement said, 'All the income of the Chadha Group whether through cash or through banking transaction is properly accounted for and there is no income which remains undisclosed to the government authorities.'

"The Chadha Group is extending full cooperation and assistance to the Income Tax officials for the proper conduct of the search which the Income Tax department had initiated yesterday."

The statement also said, "the group companies/concerns under the leadrrhsip of Mr Ponty Chadha have been regularly and correctly paying taxes and are completing all the formalities which are statutorily required. The activities of the group relate purely to the business and none of the company/concern has any afficiliation or association with any political person or party."

Meanwhile, premises of liquor baron and businessman Ponty Chadha were raided by the Income Tax Department for the second day today in U P and Delhi for suspected tax evasion during which a number of documents and computer peripherals were seized.

The I-T teams, according to sources, have spread to two new locations in South Delhi for searching the premises belonging to Chadha's associates.

A late night operation by a team of 20 officials armed with counting machines and gas cutters at the basement of Centrestage Mall in Noida on the outskirts of Delhi did not yield any large seizure of cash, top sources in the department said.

I-T officials however declined to hazard any guess on the possible amount that has been seized till now from the searches as the operations are spread across various locations amidst reports that over Rs.100 crore has been seized.

"Some documents and computer hardware have been taken into possession and are under inspection," sources said.

Some premises of international payment dealers in the national capital are also under the scanner of the department as it suspects money being routed from locations in Dubai and few western countries with regard to this case.

Yesterday, searches were conducted in Delhi at 13 locations including at the posh Sainik Farms, Lajpat Nagar, New Freinds Colony while in UP, I-T teams comprising 200 officials, undertook similar operations at six locations in Noida, Moradabad and state capital Lucknow.

Chadha, according to I-T sources, is in Dubai at present in connection with a family function. Neither Chadha, considered to be close to the Mayawati government, nor any of his family members were available for comments.

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