Varanasi — A sweeping 110-hour tax raid on Mirza International, one of India’s leading exporters, has uncovered what investigators describe as large-scale tax evasion worth ₹350 crore.
The raids, conducted simultaneously across 38 locations in Varanasi, Unnao, Noida, Gurugram, Bengaluru and Hyderabad, revealed unaccounted assets, fake companies, and suspicious cross-border transactions. Officials said the operation is among the most extensive in recent years.
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Layers of Bogus Transactions
According to investigators, the Mirza Group allegedly routed hundreds of crores of rupees through shell companies and paper-based entities. The aim, officials suggest, was to disguise black money and evade tax obligations.
From just one locker, authorities seized jewellery and cash worth ₹15 crore, while 17 other lockers across multiple cities revealed additional undeclared assets.
“The pattern shows deliberate concealment,” said a senior tax official, speaking on condition of anonymity. “These paper trails do not match the scale of actual business. This is a clear case of tax evasion and money laundering.”
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Questions Over Global Expansion
With nearly 50 percent of its business based on exports, Mirza Group has built markets in Asia, Europe, and the Middle East. Experts warn that allegations of tax evasion could damage the company’s global credibility.
A financial crime analyst observed: “Such cases go far beyond domestic tax losses. They undermine investor confidence and can hurt India’s image in international trade. For a company with significant foreign exposure, the reputational risk is enormous.”
The Road Ahead
Tax authorities have so far estimated the scale of evasion at ₹350 crore, but say the figure may climb as forensic audits of financial records continue. Officials are now examining whether the findings also fall under money-laundering statutes, which could trigger investigations by the Enforcement Directorate (ED).
For now, the sprawling white-walled properties raided in Varanasi stand as symbols of a lifestyle financed, investigators allege, by systematic tax fraud.