The search operations covered more than 15 premises located in Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida etc.
New Delhi: The Income Tax Department on Thursday carried out searches and seizures at multiple locations of a group engaged in the business of mining, processing and trading of black stones.
The search operations covered more than 15 premises located in Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida etc.
In a statement the Ministry of Finance said, “During the course of the search and seizure operations, various incriminating documentary and digital evidences, including hand-written books and loose sheets have been found and seized. The seized documents contain systematic details of cash sales and bogus sundry creditors exceeding Rs 80 crore. The analysis of the seized documents indicates that these cash sales are undisclosed and are not recorded in the regular books of account of the group.”
The group is found to have made huge unaccounted investments in acquisition of properties. The search action has led to seizure of unaccounted cash, jewellery and bullion exceeding Rs 1 crore.