The Income Tax department’s searches of the Bharat Hotels group, which runs the Lalit Hotels chain, has uncovered more than ₹1,000 crore in undisclosed foreign assets, according to government sources.
An official statement from the Finance Ministry said that the search operation was conducted on January 19. Organised against a leading hospitality group, the operation also found domestic tax evasion to the tune of ₹35 crore. While the statement did not name the group, government sources confirmed that it was the Bharat Hotels group, under the leadership of Chairperson and Managing Director Jyotsna Suri.
Assets abroad
The search operation has so far resulted in the seizure of unaccounted assets valued at ₹24.93 crore, including ₹71.5 lakh in cash, jewellery worth ₹23 crore and expensive watches valued at ₹1.2 crore, said the statement. Foreign assets include investment in a U.K. hotel, immovable properties in the U.K. and UAE, and deposits with foreign banks.
“Evidence seized during the search reveals that a large amount of black money was stashed abroad by the group, through the mechanism of Trusts, formed in early 1990s in tax havens,” it said.
