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I-T searches on Dilip Pendse and associates

Income tax officials on Wednesday carried out raids at 20 premises belonging to former managing director of Tata Finance Ltd Dilip S Pendse and his associates in Mumbai and Thane.

At least 18 bank lockers have been sealed so far and documents, cash, foreign currency and jewellery seized in the searches, which are still continuing, a senior I-T official said.

The seized documents include unaccounted transactions by the former managing director, who was sacked along with four other senior officials in July following unauthorized transactions made last year.

Pendse, however, could not be contacted.

Searches were carried out on the basis of the survey carried by officials of the IT investigation wing as well as complaints made by Tata Finance Ltd for alleged unaccounted transactions and tax evasion, the official said.

TFL had charged Pendse of diversion of funds to the tune of Rs 800 million to TFL's subsidiary Nishkalp Investment and Trading Company Ltd whose affairs were controlled and managed by Pendse and his team.

TFL lodged a complaint with the Economic Offences Wing of the Mumbai police against Pendse for misusing his position and breach of trust while granting inter-corporate deposits to Nishkalp.

Pendse has been accused of cheating, falsification of accounts, forgery and criminal breach of trust in the first information report filed by TFL with the Economic Offences Wing.

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