Jaipur, Dec 2 (IANS): Unaccounted wealth amounting to Rs 137 crore was seized by the Income Tax Department during a four-day raid operation at 23 locations in Rajasthan and Mumbai connected to Udaipur-based transport businessman Tikam Singh Rao.

The raids started on November 28 and concluded on December 1, said officials.

The seizure includes cash worth Rs 4 crore and 50 kg of gold, of which 45 kg was undeclared, was also seized.

Officials said, "The Income Tax Department recently conducted raids across 23 locations connected to Tikam Singh Rao, a prominent transport businessman based in Udaipur. The operation targeted properties of Udaipur Golden Transport and Logistics, among other enterprises Rao is associated with. Authorities uncovered significant undisclosed assets, including Rs 4 crore in cash and gold. Preliminary assessments indicate an unaccounted income of over Rs 137 crore, although the investigation is ongoing to determine the total scale of undisclosed wealth.

The raids involved multiple cities, including Udaipur, Jaipur, and Mumbai, with evidence such as documents pointing toward significant tax evasion across Rao's network of companies

Income Tax officials said this raid marks the largest gold recovery in Rajasthan to date. "The seized documents are currently under investigation. The action targeted properties linked to Tikam Singh Rao, owner of Udaipur Golden Transport Logistics Private Limited, and his younger brother Govind Singh Rao."

Officials revealed that Tikam Singh had primarily invested his unaccounted wealth in luxury cars, real estate, and the hotel industry. Evidence supporting these investments was also recovered, and the total amount of black money could increase after further analysis of the documents.

Detailing the findings, an Income Tax officer said, "We seized 45 kg of gold in the raids, valued at approximately Rs 38 crore." The raids extended to properties in Udaipur, Jaipur, Banswara, Mumbai, and Ahmedabad, and properties included offices, residences, farmhouses and resorts.

On November 29, the second day of the raid, 25 kg of gold and Rs 3 crore in cash were recovered from Tikam Singh's Udaipur residence. By November 30, after opening seven bank lockers, another 25 kg of gold and Rs 2 crore in cash were seized. In total, 50 kg of gold and Rs 5 crore in cash were recovered, with only 5 kg of gold and Rs 1 crore being part of declared income.

This action was started on the morning of November 28 under the direction of Awadhesh Kumar, Principal Director of the Income Tax Department, Jaipur. More than 250 officers and employees were engaged in this operation, said officials.