The CBDT on Saturday claimed to have detected "fictitious transactions" of ₹2,200 crore after the Income Tax Department carried out multi-city raids against the Dainik Bhaskar media group early this week. "The voluminous material found during the search operations is being examined," the CBDT statement issued here said. "Cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of ₹2,200 crore has been found. "The enquiries have confirmed that these have been fictitious transactions without any actual movement or delivery of goods. The media group, on the day of the raids, had posted a message on its website saying the government was scared of its true journalism.

Source: Mint July 24, 2021 16:18 UTC