IN Bureau

The Income Tax Department has unearthed a black money trail of to the tune of a whopping Rs 3,000 crore by a real estate group in Delhi NCR who has been accepting payments in hard cash from customers.

According to a statement issued by the Income Tax Department the search and seizure operations carried out on March 14 covered more than 45 premises in Delhi & NCR, Chandigarh, Ludhiana, Lucknow and Indore.

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.

“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 official statement said. 

A large amount of incriminating evidence including hard copy documents and digital data have been found and seized during the search. The evidence shows unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years.

The key business heads of various projects have disclosed 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.

The evidence also reveals particulars of investors from whom the group has received cash loans amounting to Rs 450 crore.

Further investigations are still in progress.

Also read: Rs 800 crore black cash unearthed in tax raids on real estate firms in AP & Telangana