Noida, Feb 23 (IANS): Income Tax department raids at more than 70 locations of Uflex company across the country continued for the third day on Thursday.

So far, Rs 1.50 crore in cash has been recovered from the company's premises in Noida.

A total of 32 locations of the Group are being raided in Noida alone.

According to sources, Income Tax officials have detected bogus transactions worth more than Rs 150 crore.

Ten shell companies and documents revealing suspicious transactions have also been found.

The officials believe that the figure of bogus transactions can go up to Rs 500 crore, the sources said.

Fifteen lockers have also been found, which will be opened soon.

The officials found 20 bank accounts belonging to people from the economically weaker section of the society with transactions ranging from Rs 5-50 crore.

Documents of suspicious transactions of about Rs 100 crore have been found in Jammu and 150 such suspicious documents were found in Uflex group's locations in Noida Sector 4 and Sector 57 during the raids.

As per sources, Uflex company, that deals with packaging, signed MoUs worth about Rs 600 crore in the recently held Global Investors Summit. The total valuation (market value) of the company, which was established in 1988, is Rs 3,509 crore.