IT Department has unearthed black money to the tune of Rs 100 crore in a search and seizure operation carried out on a handicrafts exporter’s premises in Mumbai and Rajasthan.(Photo for representation)
The Income Tax Department has unearthed black money to the tune of Rs 100 crore and seized Rs 7.9 crore of unaccounted gold jewellery in a search and seizure operation carried out on a handicrafts exporter’s premises in Mumbai and Rajasthan, according to information provided by the Finance Ministry today.
The search action has led to seizure of unaccounted cash exceeding Rs. 1.3 crore
The search operation carried out on June 16, covered more than 25 premises spread across Rajasthan and Mumbai.
The business group was also involved in cash financing, purchase and sale of land and buildings, and had dealings with bullion traders to launder money.
During the course of the search operation, several incriminating documents have been seized. The evidence indicates that the group has indulged in unaccounted cash transactions in real estate business as well as obtaining bogus purchase bills.
The modus operandi of the group has been to suppress profits of the handicrafts business by inflating the purchases in the books of account, through bogus bills of gold and silver arranged from bullion traders.
During the search, it has also been seen that cash has been received back against the cheques issued to these bullion traders.
Cash was found to be utilised for investment in real estate as well as for obtaining cheques to be introduced as credits into the books of account. The seized evidence also revealed that the group recently acquired a few shell companies through entry operators.
Further investigations are still in progress and the amount in the black money trail is likely to go up further.