Bihar: Unaccounted Transactions Exceeding Rs 100 Crore Found During Income Tax Raids

Bihar: Unaccounted Transactions Exceeding Rs 100 Crore Found During Income Tax Raids

by Swarajya Staff - Tuesday, November 22, 2022 02:59 PM IST
Bihar: Unaccounted Transactions Exceeding Rs 100 Crore Found During Income Tax RaidsIncome Tax Department

Income Tax Department conducted search and seizure action on few groups engaged in the business of gold and diamond jewellery and real estate, the Union Finance Ministry said in a statement on Tuesday (22 Novmeber).

During the search operation conducted on 17 November, unaccounted cash and jewellery worth more than Rs 5 crore have been seized. A total of 14 bank lockers have been put under restraint. So far, the search action has led to detection of unaccounted transactions exceeding Rs 100 crore, the ministry said.

The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. 

During the course of the search, large number of incriminating documents and digital evidence demonstrating evasion of income have been found and seized, the ministry said.

"In one of groups, engaged in the business of gold & diamond jewellery, analysis of seized evidence reveals that this group has invested its unaccounted income in cash purchase of jewellery, renovation of shops and immovable properties," it said.

According to the ministry, this group has been found to have introduced unaccounted money of over Rs 12 crore 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 crore has been found. 

"In the case of another group engaged in real estate business, evidences of unaccounted cash transactions in purchase of land, construction of buildings and sale of apartments, have been found and seized. The evidence seized in the case of a prominent land broker has further corroborated the above unaccounted transactions," the ministry said.

The quantum of such unaccounted cash transactions is more than Rs 80 crore, it added.

According to the ministry, the unaccounted income so earned by the key persons of the group has been invested in acquisition of many immovable properties including large parcels of land.

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