Officials of Income Tax Department three days back carried out raid and seizure operations in the case of two groups based in the North-East and West Bengal.
A total of 15 premises were covered in the search which was spread across Kolkata, Guwahati, Rangia, Shillong and Patna.
During these search and seizure actions, undisclosed income in excess of Rs 250 crore was detected. Moreover, unaccounted cash of more than Rs 51 lakh has been seized and nine bank lockers have been sealed.
One of the groups is engaged in the business of cement manufacturing. During the search action, it was found that this group generated unaccounted income by indulging in out-of-books sales and booking bogus expenses. This unaccounted income is laundered back into the business through shell companies.
Evidence found during the search revealed that many paper companies are run by the group to provide accommodation entries to its flagship concern. These paper companies were found to be non-existent at their given addresses.
During the search, incriminating evidence indicating bogus unsecured loans, bogus commission paid, bogus share premium received through shell companies etc. was also found.
This evidence indicates that an amount of more than Rs 50 crore may be unaccounted.
The group was also found to be wrongly showing tribal individuals as creditors, such amounts being to the tune of around Rs 38 crore.
Further, details of certain offshore entities and bank accounts were found during the search, which are apparently not declared in the relevant returns of income.
The other group is actively engaged in executing railway contracts in Assam, Mizoram and other parts of North East.
During the raid, incriminating documents, loose sheets and digital evidence were seized indicating undisclosed investments in land and properties.
Large number of sale deeds pertaining to land and properties have been found, the valuation whereof could be in excess of Rs 110 crore.
During the search, corroborative evidence could not be produced to explain the source of acquisition of these assets. Further, documents containing details of cash transactions amounting to more than Rs. 13 crore in the sale of properties have been found. Further investigations are in progress.
