Unholy nexus between ARCs and borrowers found after IT raids: CBDT

The department seized Rs 4 crore cash and a "large volume" of documents and digital records, the Central Board of Direct Taxes (CBDT) said in a statement. The policy-making body for the department said it was found during the raids that the "ARCs had adopted various unfair and fraudulent trade practices in acquiring the non-performing assets (NPA) from the lender banks".

from News-Economic Times https://ift.tt/3m7Ne3A