The Income Tax Department has detected black money to the tune of a whopping Rs 600 crore in raids conducted last week on two business groups in Gurugram. While one business group is engaged in the real estate and hospitality businesses the other is a tools and equipment manufacturing company.
According to an official statement, total cash amounting to Rs. 3.54 crore and jewellery valued at Rs. 5.15 crore have also been seized while 8 bank lockers have been placed under restraint in the search and seizure operation.
Various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, evidence of difference in stocks have also been seized. Investigations also revealed that the two groups have been operating through shell companies and owned benami properties. Besides, evidence of bogus unsecured loans and share application money and evasion of capital gains tax has been found, the statement of the Income Tax Department said.
It has also discovered that large sums of money were received in the form of salary and remuneration by family members without any commensurate qualification or participation in the management of the businesses in one of the groups.
Further investigations are in progress.