Ahmedabad, Aug 2 (IANS): The Income Tax department has said that its searches on a leading business group in Gujarat, engaged in Textiles, chemicals, packaging, real estate and education sector, has led to detection of unaccounted transactions involving over Rs 1,000 crore so far.

The searches, conducted at 58 premises spread over Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata, lasted for about four to five days, the I-T department said in a statement on Tuesday.

During the search, Rs 24 crore in cash and Rs 20 crore worth bullion (gold biscuits and other metals) and gold ornaments were also unearthed.

Officers have found that the group was booking profits by manipulating share prices of its own listed companies.

The officers have found substantial evidence in this connection.

For evading tax, the group was raising fake bills, and making payments. Even in the real estate sector, benami transactions were found.

Company has created a shell company in Kolkata. In huge amounts, cash withdrawals were made and black money was generated. Even the group's public limited companies' account books are shady, the statement added.

Investigation is on.