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| Income Tax Department's searches in Maharashtra reveal unaccounted income of over Rs. 184 crore, Image Credit: Oleg Magni |
New Delhi (Lisbon Times):- The Income Tax Department carried out search and seizure operations on two real
estate business groups of Mumbai and certain individuals/ entities associated
with them. The search operations commenced on 07.10.2021 and
have been carried out at about 70 premises spread across
Mumbai, Pune, Baramati, Goa, and Jaipur.
The
evidence gathered during the search has revealed several prima-facie
unaccounted and Benami transactions. Incriminating documents, evidencing
unaccounted income of about Rs. 184 crore of the two groups
has been found.
The
search action has led to the identification of transactions by these business
groups with a web of companies that, 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 the 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 a suspicious flow of funds has taken place with the involvement of an influential
family of Maharashtra.
The
funds so introduced in a dubious manner, have been utilized for the acquisition of
various assets such as office building at a prime locality in Mumbai, flat in a 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 jewelry of Rs. 4.32 crore have
been seized.
Further investigations are in progress.
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