TDS on Interest

This query is : Resolved

Monu Bhardwaj (Querist)
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27 May 2011 A person of mohali having Pan Nos AACCS2810F,AAAFB5205G,AAACJ7834l is raising loan in personal name and transfer in the business.Repayment is being made directly by the related company interest is booked in that company No TDS is being deducted as the payment is to NBFC.Now income tax assessment of these concerns is being made in Delhi by his chartered accountant by setting with ITOs.Lacs of Rupees from the company is being tranferred to the personal accounts of directors and invested in the property.Registered office of one of the company is chandigarh and ITOs of chandiarh try to do something but by applying geks assessment of the company is transferred to the ITO Delhi.

In nutshell above person is raising loans from banks financial institutions raise CC Limits for business and lacs of rupees of interest is claimed in the company and lacs of rupees of income tax is being evaded and the money is diverted to purcahse the property in the personal name of directors.
Is there anyone who can do something agaisnt such kind of person for the country sake or for the sake of the people who are poor as they are not paying taxes and circulating the funds for personal use.