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 and found incriminating documents, evidencing unaccounted income of over Rs 184 crore.
According to a statement issued by the Central Board of Direct Taxes (CBDT), 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 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 have been found," read the statement.
As per the CBDT's statement, the search action has led to the identification of transactions by these business groups with a web of companies which, prima facie, appear to be suspicious.
The CBDT further stated that 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, it added.
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, stated the CBDT adding, that the book value of these assets aggregates to about Rs 170 crore.
It stated that unaccounted cash of Rs 2.13 crore and jewellery of Rs 4.32 crore have been seized. Further investigations are in progress, it added.