The Income Tax department discovered “unaccounted” income worth more than Rs 100 crore after conducting searches on various Bihar-based business groups dealing in real estate and diamond jewellery, according to an official statement issued by the Ministry of Finance on Tuesday.
The raids were conducted on November 17 in Patna, Bhagalpur, and Dehri-on-Sone in Bihar, as well as Lucknow and Delhi.
During the search, a large number of incriminating documents and digital proof showing income evasion were discovered and seized, the statement said.
According to the statement, analysis of collected evidence suggests that one of the organisations involved in the gold and diamond jewellery sector has invested its unaccounted money in cash purchases of jewellery, shop renovations, and immovable properties.
“This group has been found to have introduced unaccounted money of over Rs 12 crores in its books of account, in the garb of advance from customers. Further, upon physical verification of stock, during the search action, unaccounted stock of more than Rs 12 crores has been found,” it said.
Evidence of unaccounted cash transactions in the purchase of land, construction of buildings, and sale of flats was discovered and confiscated in the case of another real estate group.
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“The evidence recovered in the instance of a major land broker has verified the aforementioned unexplained transactions. The total value of such unaccounted cash transactions exceeds Rs 80 crores,” it said.
“The unreported revenue gained by the group’s core members has been invested in the purchase of numerous immovable properties, including huge plots of land,” as per the statement.
Unaccounted cash and jewellery worth more than Rs 5 crores were confiscated during the search operation. A total of 14 bank lockers have been restrained. So far, the search action has resulted in the discovery of unaccounted transactions totaling more than Rs 100 crore, the statement issued by the ministry stated.