This Article is From Feb 03, 2012

Ponty Chadha denies recovery of Rs 100 crore from Noida mall

Noida: Wave Infratech has issued a statement after raids were conducted against companies and properties of Uttar Pradesh liquor baron Ponty Chadha. According to the statement, the group has been regularly and correctly paying taxes and its activities relate purely to business and that it has no association with any political party or person.

"The activities of the group relate purely to business and none of the companies/concerns have any affiliation or association with any political person or party," the statement said.

Denying allegations of tax evasion,it said Chadha's group of companies have been regularly paying taxes and meeting other statutory requirements.

It said Income Tax officials, who visited the basement floor of Centre Stage Mall, did not find any cash from a safe lying there, contrary to reports that Rs 100 crore or about have been found and seized from the safe.

"There is no income which remains undisclosed to the government authorities," it said adding that the Chadha Group was extending full cooperation and assistance to the IT officials.

A team of 20 officials armed with counting machines and gas cutters had raided the Centrestage Mall in Noida in the outskirts of Delhi to seize cash stored in its basement. However, no money was found after the lockers were opened. (Read: Five big facts about raids on Ponty Chadha)

Searches were also conducted in Delhi at 13 locations including at the posh Sainik Farms and in Lajpat Nagar. In UP, meanwhile, I-T teams comprising 200 officials undertook similar operations at six locations in Noida, Moradabad and the state capital, Lucknow.

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

The searches, which began at around 10.30 on Wednesday, were initiated after the department got inputs regarding alleged tax evasion by firms associated with him, the sources said.

The department, according to the sources, were also looking at the possibility of illegal sale of liquor by certain firms in the run-up to the assembly polls in UP.

(With inputs from PTI)

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