Total of 22 residential and business premises were covered in the operation, the Ministry of Finance said in a statement. The search and seizure operation is still continuing and further investigations are in progress.
IT Department (Representative image: Shutterstock)
The Income Tax (IT) department has carried out search and seizure operations on the real estate developer group and brokers connected with the group on September 28 in Ahmedabad.
A total of 22 residential and business premises were covered in the operation, the Ministry of Finance said in a statement. The search and seizure operation is still continuing and further investigations are in progress.
In the case of the real estate developer group, a large number of incriminating documents, loose papers, digital evidence etc. have been found and seized, the statement added.
“These evidences contain detailed records of the group’s unaccounted transactions spread across multiple financial years. Documents showing unaccounted investment inland of more than Rs. 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs. 100 crores have been found and seized so far,” it stated adding that a large number of original documents of properties purchased over the years which are apparently held in the name of Benami individuals have also been found.
?In the case of the broker, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land carried out through the broker have been found along with documents showing cash transactions of more than Rs. 230 crores in these land deals that have been seized so far.
“The documents found reveal unaccounted income of more than Rs. 200 crore in the hands of the real estate group and also unaccounted income of more than Rs. 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers. Overall, the search & seizure operation has resulted in the detection of unaccounted transactions of more than Rs. 500 crore,” the statement said.
Furthermore, 24 lockers have also been found during the course of the search and seizure operation which have been put under restraint. Cash of approximately Rs.1 crore and jewelry worth Rs. 98 lakh have also been seized.
