I-T searches in Maha reveal unaccounted income of over Rs 184 Crore


New Delhi, Oct 15 (IANS): The Income Tax Department carried out search and seizure operations on two real estate business groups of Mumbai and certain individuals and entities associated with them.

The search operations commenced on October 7 and have been carried out at about 70 premises spread across Mumbai, Pune, Baramati, Goa and Jaipur, the department said in a statement.

The evidence gathered during the search has revealed several prima-facie unaccounted and benami transactions. Incriminating documents, evidence of unaccounted income of about Rs 184 crore of the two groups have been found.

The search action has led to identification of transactions by these business groups with a web of companies which, prima facie, appear to be suspicious.

A preliminary analysis of the flow of funds indicates that there has been an introduction of unaccounted funds in the group by way of various dubious methods like introduction of bogus share premium, suspicious unsecured loans, receipt of unsubstantiated advance for certain services, collusive arbitration deals out of non-existent disputes, etc.

It has been observed that such suspicious flow of funds has taken place with the involvement of an influential family of Maharashtra, the I-T department said.

The funds so introduced in a dubious manner, have been utilized for acquisition of various assets such as office building at a prime locality in Mumbai, flat in posh locality in Delhi, resort in Goa, agricultural lands in Maharashtra and investments in sugar mills. The book value of these assets aggregates to about Rs 170 crore.

Unaccounted cash of Rs 2.13 crore and jewellery of Rs 4.32 crore have been seized.

Further investigations are in progress.

 

  

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Comment on this article

  • Veer, Nagpur

    Fri, Oct 15 2021

    It’s 5 years since demonitisation govt is yet to reveal total black money collected. Why is govt hiding this number????…..Why govt is not disclosing the details and amount in PM CARES Fund and Ram temple construction donations????…….Ayodhya temple chief priest is complaining about misuse of temple donation funds but still govt and it’s puppet agencies are not showing interest in checking these holy funds. If Chowkidar is Chor then there is nothing to verify. Everything is crystal clear.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Rita, Germany

    Sun, Oct 17 2021

    Veer Nagpur,did you hear from some money printing maschine ?Or fake one atleast?That fake maschine starts its work ,the moment it hears charge number.

    DisAgree Agree Reply Report Abuse


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