Unaccounted for cash and jewelery worth Rs 9 cr seized by IT detectives in operations against business group

The Income Tax (IT) Department had recently conducted search and seizure operations on a group of businesses involved in the retail and export of handicrafts, cash financing, buying and selling land and buildings, as well as some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai.

The search action led to the seizure of unaccounted cash exceeding Rs 1.30 crore and unaccounted gold jewelry exceeding Rs 7.90 crore. On the face of it, unrecorded revenue estimated in excess of Rs 100 crore has been uncovered so far, agency officials have claimed.

“During the search operation, several offending documents were found and seized. Examination of the evidence seized indicates that the group engaged in unrecorded cash transactions in real estate business as well as the obtaining fictitious purchase invoices The group’s modus operandi has been to suppress the profits of the handicraft business by inflating purchases in the books of account, through fake gold and silver bills arranged by bullion dealers. During the search, it was also found that money had been redeemed against checks issued to these bullion dealers.

Cash was found to be used to invest in real estate as well as to obtain checks to enter as credits in the books of accounts. The seized evidence also revealed that the group recently acquired a few shell companies through ingress operators,” an IT manager said.

(To receive our electronic document daily on WhatsApp, please click here. To receive it on Telegram, please click here. We allow sharing of the PDF of the document on WhatsApp and other social media platforms.)

Comments are closed.