New Delhi, March 22 (Agency) The Income Tax Department carried out search and seizure operations on a leading real estate group in Northern India and claimed to have seized unaccounted cash of Rs 25 crore and jewellery worth Rs. 5 crore. The search, conducted on March 14, 2022, covered more than 45 premises in Delhi and NCR, Chandigarh, Ludhiana, Lucknow and Indore, an official statement said on Tuesday. ”A large number of incriminating evidences including hard copy documents and digital data have been found and seized during the search.
The seized evidences contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years,” the statement said. The group had allegedly generated unaccounted income by accepting ‘on-money’ unaccounted cash from its customers which were not recorded in the regular books of account. ”Evidence of receipt of such ‘on-money’ exceeding Rs. 3,000 crore has been gathered so far. The perusal of evidences further reveals that they contain particulars of investors from whom, the group has received cash loans amounting to Rs 450 crore,” the statement said. Eleven lockers placed under restraint were yet to be operated, it added.