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NEW DELHI : The Income Tax Department on Tuesday said it had carried out a search-and-seizure operation on 20 July at a prominent business conglomerate engaged in textiles, chemicals, packaging, real estate and education.
Raids covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata, the department said, adding that incriminating documents and digital data were recovered during the operation.
Unaccounted transactions exceeding ₹1,000 crore were unearthed during the raid, it said. Also, unaccounted cash worth ₹24 crore and unexplained jewellery, bullion etc. valued at ₹20 crore, were seized during the operation.
Evidences reveal that the group has engaged in large scale tax evasion by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions, the department said.
The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies. Certain instances of unaccounted income generated through cash-based ‘sarafi’ (unsecured) advances made have also been found.
The department also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators and that it has been siphoning off funds through fictitious entities for personal use of promoters.
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