IT Dept raids various premises of real estate firm in North India
Mar 22, 2022
New Delhi [India], March 22 : The Income Tax Department has raided 45 premises spread across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm in North India, the Union Finance Ministry said on Tuesday.
"The search action has led to the seizure of unaccounted cash of more than Rs 25 crore and jewellery worth Rs 5 crore. Moreover, 11 lockers have been placed under restraint, and are yet to be operated," the ministry said.
The search and seizure operations were carried out on 14th March. A large number of incriminating evidence including hard copy documents and digital data have been found and seized during the search.
The seized evidence contain unaccounted 'on-money' cash receipt data of the group from various customers for more than 10 years. The key employees/business heads of various projects have stated the modus operandi of the group and have admitted that the group has generated unaccounted income by accepting 'on-money' unaccounted cash from its customers which have not been recorded in the regular books of account. Evidence of receipt of such 'on-money' exceeding Rs 3,000 crore has been gathered so far, the ministry said.
"The perusal of evidences further reveals that they contain particulars of investors from whom, the group has received cash loans amounting to Rs 450 crore," the Finance Ministry said in a statement.
