A large number of incriminating evidences have been seized by the Indian Income Tax Department.
The startup, backed by Tiger Global, is valued at $2.5 billion and helps construction and real estate companies procure materials and handle logistics for their projects.
When confronted by the tax authority, the executives at the startup admitted under oath that they had more income than they had disclosed. In various assessment years, the department said, they offered to pay their due tax liability.
Souvik Sengupta, co-founder and chief executive of Infra.Market, did not return a text seeking comment.
Entrackr reported in November that the startup was closing a new round that would value it at $4 billion.
The department said that it found a complex hawala network of some Mumbai and Thane based shell companies that were created for the purpose of providing accommodations.
Preliminary analysis shows that the total quantum of accomodation entries provided by these shell entities exceeds Rs. The amount is 1,500 crores. So far, there has been cash of Rs. The jewellery has a value of 1 crore. The department said that 22 lakh have been seized.
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