Rs 100 crore black money trail unearthed in tax raids at Patna, Lucknow, Delhi

The Income Tax Department has unearthed unaccounted transactions exceeding Rs. 100 crore in search and seizure operations carried out on a real estate developer and some jewellers in Patna who also owned premises in Lucknow, Delhi and Bhagalpur, according to an official statement released today.  The search carried out on Nov 17 covered as many as 30 premises across these cities.

In the case of a group engaged in real estate business in Bihar, evidence of unaccounted cash transactions of more than Rs 80 crore in the purchase of land, construction of buildings and sale of apartments has been seized. The evidence seized in the case of a prominent land broker has further corroborated the unaccounted transactions. The unaccounted income earned by the key persons of the group has been invested in acquisition of many immovable properties including large parcels of land, the Income Tax Department said.

In the search and seizure action on gold and diamond jewellers, unaccounted cash and jewellery worth more than Rs. 5 crore have been seized. A total of 14 bank lockers have been sealed as investigations are still in progress.

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