The Income Tax Department on Friday said that its searches on an Ahmedabad-based group, engaged primarily in the media and real estate sectors, had led to the detection of unaccounted transactions involving over ₹1,000 crore so far.

The agency said the searches were initiated on September 8. “The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises electronics, digital as well as print media, while the real estate arm comprises affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation,” it said.

A majority of the evidence indicated unaccounted cash receipts in excess of ₹500 crore on the sale of Transferable Development Right (TDR) certificates. Evidence of on-money transactions in real estate projects and land deals, in excess of ₹350 crore, were also found along with corroborative documents, said the I-T Department.

Besides, the agency gathered details about unaccounted cash-based loan and interest payments or repayments worth over ₹150 crore.

During the searches, the I-T Department seized more than ₹1 crore in cash and jewellery worth ₹2.7 crore. A total of 14 lockers were put under restraint orders and the searches were continuing.