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Rs 70 crore in black money and hidden foreign assets found in tax raid on businessman in Delhi

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Rs 70 crore in black money found in tax raid on the premises of a wealthy businessman in Delhi. (Representational Image)

The Income Tax Department has unearthed undisclosed foreign assets worth Rs 40 crore and unaccounted domestic income to the tune of Rs 30 crore after a search operation on the premises of a wealthy businessman in Delhi, according to a finance ministry statement released on Monday.

The search operation revealed that undisclosed entities owned by the businessman in low tax overseas jurisdictions were holding assets worth Rs. 40 crore in the form of immovable and movable assets.

The businessman was availing handling services of a foreign bank, with branches in India, that offers wealth management, financial planning, asset allocation, equity research, fixed income, investment strategies and fiduciary services.

A preliminary analysis of such evidence gathered from his premises   indicates understatement of domestic income to the tune of Rs 30 crore from business undertaken in India, the official statement said. 

The Income Tax Department initiated search action on November 24.

During the search operation at the businessman’s residence, corroborating evidence in the form of e-mails and documents have been found establishing his beneficial ownership of the foreign assets. In his statement recorded during the search, he has admitted to ownership of these foreign assets.

At the business premises, one hard disk containing data in the form of a parallel set of books of accounts has also been found.

Further investigations are still in progress.

Also read:  Income Tax Dept. detects Rs 300 crore black cash in raid on steel mills group