Mumbai, Aug 2 (IANS) The Income Tax Department carried out raids at 40 premises in Mumbai and Thane belonging to a leading Mumbai realtor for a tax evasion case of around Rs 700 crore, official sources said here on Friday.

The raids, which started five days ago, are still continuing and the IT sleuths have unearthed various incriminating evidences pertaining to the tax evasion by the group whose identity has not been revealed.

The IT found evidence related to receipts of 'On Money' on sale of residential and commercial blocks, bogus unsecured loans availed, fake long term capital gains and various other sham transactions to evade income of about Rs 700 crore

'On Money' receipt on sales of residential/commercial blocks of around Rs 100 crore were corroborated during the raids.

The searches also revealed certain peculiar transactions by accounting jugglery to evade taxes on around Rs 525 crore.

The IT sleuths also found incriminating evidence on modus operandi establishing the introduction of accommodation loans by the company which were found to be fraudulent.

They also detected use of entry providers/hawala operators for Long Term Capital Gains by the promoters of the group during the IT action, besides jewellery worth around Rs 14 crore.