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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
How the construction tech startup could have shown inflated revenue and margins on the back of fake invoices and suspicious transactions.
Editor's note: Last week the Income Tax Department raided 23 offices of Infra.Market across five states in India. From the tax department’s press release: A large number of incriminating evidences in the form of hard copy documents and digital data have been found & seized during the search operations. These evidences revealed that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs. 400 crore. These evidences were confronted to the Directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs. 224 crore in various assessment years, and consequently offered to pay their due tax liability. During the search operation, a complex hawala network of some Mumbai and Thane based shell companies, was also unearthed. These shell companies exist on paper, and were created only for the purpose of providing accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs. 1,500 crore. This is a development that merits serious concern. It is …
How the construction tech startup could have shown inflated revenue and margins on the back of fake invoices and suspicious transactions.
Editor's note: Last week the Income Tax Department raided 23 offices of Infra.Market across five states in India. From the tax department’s press release: A large number of incriminating evidences in the form of hard copy documents and digital data have been found & seized during the search operations. These evidences revealed that the group has booked bogus purchases, made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs. 400 crore. These evidences were confronted to the Directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs. 224 crore in various assessment years, and consequently offered to pay their due tax liability. During the search operation, a complex hawala network of some Mumbai and Thane based shell companies, was also unearthed. These shell companies exist on paper, and were created only for the purpose of providing accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs. 1,500 crore. This is a development that merits serious concern. It is …
With no minimum investment threshold, the emirate is widening access to residency even as geopolitical risks cloud its appeal.
The platform’s pre-IPO debt funding raises fresh questions about cash flows and SEBI’s role. Investors will do well to take note.
The construction material supply firm’s scale and profitability may appear shiny, but hide a stark truth. Its use of equity to fund working capital is playing with fire when bigger fish are eyeing its business.
With no minimum investment threshold, the emirate is widening access to residency even as geopolitical risks cloud its appeal.
The platform’s pre-IPO debt funding raises fresh questions about cash flows and SEBI’s role. Investors will do well to take note.
The construction material supply firm’s scale and profitability may appear shiny, but hide a stark truth. Its use of equity to fund working capital is playing with fire when bigger fish are eyeing its business.
