New Delhi [India], August 2 (ANI): The Income Tax Department said on Tuesday it has raided 58 premises spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata belonging to a Gujarat-based prominent business conglomerate engaged in diversified fields of textiles, chemicals, packaging, real estate and education.
According to an official statement released by the Union Finance Ministry, search and seizure operations were conducted on 20th July.
"As a result of the search operation, various incriminating evidences in the form of documents and digital data have been found and seized," the ministry said.
These evidences reveal that the group has been engaged in large-scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions.
The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies. Certain instances of unaccounted income generated through cash based 'sarafi' (unsecured) advances made have also been found.
It was also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators. Evidences seized also reveal that the group has been siphoning off funds through fictitious entities for personal use of promoters. Further, analysis of evidence suggests that the group is also involved in manipulation of books of account of its public limited companies.
The search action has resulted in unearthing unaccounted transactions exceeding Rs 1000 crore. So far, unaccounted cash of Rs 24 crore and unexplained jewellery, bullion, etc valued at Rs 20 crore have been seized during the course of search. Further investigations are in progress, the ministry said. (ANI)