The Income-Tax Department’s searches against two real estate groups and associated entities in Maharashtra, Goa and Rajasthan have led to the detection of ₹184 crore unaccounted income.
During the search operations, which commenced on October 7, the agency covered about 70 premises in Mumbai, Pune, Baramati, Goa and Jaipur.
Certain suspicious flow of funds pertaining to the two groups had taken place with the involvement of an influential family of Maharashtra, said the agency without disclosing the identities of the persons concerned.
“The evidence gathered during the search has revealed several prima facie unaccounted and ‘benami’ transactions. Incriminating documents, evidencing the unaccounted income of the two groups, have been found,” the I-T Department said.
The agency also identified transactions made by the two business groups with a web of companies that appeared to be suspicious.
“A preliminary analysis of the flow of funds indicates that there has been an introduction of unaccounted funds in the group by way of various dubious methods like introduction of bogus share premium, suspicious unsecured loans, receipt of unsubstantiated advance for certain services, collusive arbitration deals out of non-existent disputes,” said the agency.
The funds so introduced were used for acquiring various assets, such as office building at a prime locality in Mumbai, a flat in a posh locality of Delhi, a resort in Goa, agricultural land parcels in Maharashtra and investments in sugar mills.
“The book value of these assets aggregates to about ₹170 crore,” it said, adding that ₹2.13 crore and jewellery worth ₹4.32 crore have been seized.
