New Delhi [India]: Rs. 2 Crore in cash and Rs. 100 Crore in unaccounted investments and transactions and over 16 bank lockers have been sealed by the Income Tax Department in Jharkhand.
A series of search and seizure actions are being are being carried out on over 50 premises in a number of states.
The raids were targeted at a number of business groups engaged in coal trading, transportation business, civil contracts, iron ore and sponge iron production.
The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram and Kolkata. The search operation has led to the seizure of a large number of incriminating documents and digital evidence.
Two people connected with politics have also been raided.
The targeted firms and individuals have been found to indulge in tax evasion including inflation of expenses, transactions of loans in cash, payments/receipts in cash and suppression of production.
During the search, it has also been found that investments have been made in immovable properties, the source of which could not be fully explained.
According to the statement of the Central Board of Direct Taxes (CBDT), the search operation also revealed that one of the groups engaged in civil contracts was not maintaining regular books of account.
In another case, the group engaged in coal trading/ extraction of iron ore, etc, unaccounted stock of iron ore of huge value has been found, which is yet be quantified.
The said group has also introduced its unaccounted money in the form of unsecured loans and share capital by layering the transactions through shell companies.