The Income Tax Department has conducted searches against a Jharkhand-based group, which had allegedly got 300 acres of forest land registered in its name.
Over 20 premises were covered during the searches. It is alleged that the group had indulged in outside-the-books transactions. At least eight shell companies were involved. Transactions of unsecured loan and bogus share capital worth ₹25 crore were identified.
The group had bought 1,458 acres on the outskirts of Ranchi and is developing them by constructing and selling residential apartments. The land was allegedly registered at one-tenth of the value for stamp duty purposes and brokers were paid in cash running into crores.
