Gujarat Exclusive > Gujarat news > Ahmedabad: I-T dept searches properties of media house; finds proof of unaccounted transactions of over Rs 1,000 crore

Ahmedabad: I-T dept searches properties of media house; finds proof of unaccounted transactions of over Rs 1,000 crore

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Ahmedabad: The Income Tax department carried out a search and seizure operation on properties of a prominent business house based in Ahmedabad. The group is primarily engaged in media and real estate sectors.

The I-T department teams covered over 20 premises of the group in Ahmedabad. They found and seized a large number of incriminating documents, loose sheets and digital evidences among other things, a press release from the department stated. The documents contained detailed records of the group’s unaccounted transactions over several years.

They found several evidences that indicated huge unaccounted cash receipts to the tune of more than Rs 500 crore on the sale of Transferable Development Right (TDR) certificates.

They also found proof of on-money transactions in real estate projects and land deals to the tune of over Rs 350 crore, along with corroborative documents. Incriminating evidences of unaccounted cash-based loan and interest payments/repayments worth more than Rs 150 crore were also found.

Further, substantial incriminating evidences of unaccounted cash expenses, cash advances received and interest paid in cash were also unearthed.

So far, cash of more than Rs. 1 crore and jewelry amounting to Rs. 2.70 crore have also been seized from different premises. A large number of original documents of properties of the group acquired over the years and held in the names of several dummy individuals and cooperative housing societies have also been found.

As per the press release, the search and seizure operation has resulted in the detection of unaccounted transactions of more than Rs 1000 crore over several years. Fourteen lockers that were found during the course of the search operation have been put under restraint orders.

 

 

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