The Income Tax Department has unearthed black money worth Rs 700 crore in a search and seizure operation on a real estate development group operating in Mumbai and Pune. In yet another search and seizure operation within a week, the Income Tax Department has found evidence related to receipt of ‘On Money’ on sale of residential and commercial properties, bogus loans, bogus long term capital gains, and other sham transactions, according to an official statement by the Ministry of Finance. The case is related to over 40 premises across Mumbai and Pune. The real estate group evaded income on transactions worth Rs 525 crore by way of accounting jugglery. The department has unearthed ‘On Money’ receipt on sale of residential and commercial properties worth Rs 100 crore.
The Income Tax Department has also unraveled evidence related to the modus operandi related to accommodation loans by the group. Use of hawala operators for entries of long term capital gains by the promoters of this real estate group has also been spotted in the search operation. The IT raid has recovered jewellery worth around Rs 14 crore and the investigation is still under process. Name of the real estate group is not disclosed.
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This is the third search operation by the Income Tax Department in a week. Before this, the I-T department conducted search action on a Hyderabad based group engaged in conducting seismic data analysis. The said group was found indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. Surplus funds worth USD 6 million was stashed in the accounts of the accused operator.
The I-T department also uncovered foreign assets worth Rs 200 crore in the raid on a political group in Haryana, who has been generating large amounts of undisclosed income over several decades. Lavish properties in tax havens were bought in the names of foreign trusts and companies. Black money generated in India through various means was used to buy these properties. Domestic tax evasion of Rs 30 crore was also spotted in this operation.