BackMaharashtra: Income Tax dept seizes ₹56 cr cash, ₹14 cr worth jewellery in a raid
The Income tax department has seized ₹56 crore in cash and jewellery worth ₹14 crore after it carried out a search operation on two major groups, engaged in the manufacturing of steel TMT bars
PremiumThe Income tax department has seized ₹56 crore in cash and jewellery worth ₹14 crore after it carried out a search operation on two major groups, engaged in the manufacturing of steel TMT bars. The I-T sleuths conducted search operations in more than 30 premises spread over Jalna, Aurangabad, Nashik, and Mumbai.
"During the course of the search operation, several incriminating shreds of evidence have been found and seized. Evidence has also been found of excess stock of raw materials, not recorded in the books of account, exceeding ₹120 crore," the I-T sleuths said on Wednesday.
The I-T team said that they searched more than 30 bank lockers, including several lockers in the Co-operative Bank. "Huge unaccounted cash, gold jewellery were found and seized from these lockers. So far, the search operation has resulted in the seizure of unaccounted cash of ₹56 crore and bullion and jewellery worth ₹14 crore," the income tax department added.
On Wednesday, the I-T department conducted a raid at the premises of a steel, cloth merchant and real estate developer in Jalna from August 1-8. The officials revealed that around ₹100 crore of benami property was seized, including ₹56 crore cash, 32 kgs of gold, pearls, diamonds, and property papers. The I-T sleuths said that they counted the seized cash in around 13 hours.
"Examination of evidence in one of the groups further reveals that it has indulged in layering its unaccounted income through bogus unsecured loans and share premium, obtained from Kolkata-based shell companies," the CBDT alleged.
The taxman also detected "a large number of lockers of both the groups, opened in the names of employees of the companies, which were maintained with a co-operative bank."
It said a "substantial" amount of unaccounted cash was seized from a "secret room" located on the farmhouse belonging to one of the groups.
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