Rs 3,000 crore black money deals unearthed in tax raid on leading real estate group in Delhi & NCR

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IN Bureau</p>
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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.</p>
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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.</p>
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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.</p>
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“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. </p>
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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.</p>
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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.</p>
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The evidence also reveals particulars of investors from whom the group has received cash loans amounting to Rs 450 crore.</p>
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Further investigations are still in progress.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/rs-crore-black-cash-unearthed-in-tax-raids-on-real-estate-firms-in-ap-telangana-141750.html#:~:text=800%20crore%20in%20searc">Rs 800 crore black cash unearthed in tax raids on real estate firms in AP & Telangana</a></strong></p>