On 17.11.2022, the Income Tax Department initiated search and seizure operations. The operation was initiated against certain groups involved in the business of gold and diamond jewelry and real estate. Thus, the search was conducted in more than 30 localities spread across Patna, Bhagalpur, Dehri-on-Sone, Lucknow, and Delhi.
Further, during the search operation, a large number of incriminating documents and digital evidence indicating theft of income were found and seized.
In a group involved in the gold and diamond jewelry business, an analysis of the seized evidence revealed that the group invested its unaccounted income in cash purchases. Thus, it includes investments in cash purchase of jewelry, renovation of shops, and real estate.
On the other hand, the said group has been found to have brought unaccounted money of over Rs. 12 crores in its books of account, in the garb of advance from customers. Further, while making physical verification of stock, during the search action, unaccounted stock of more than Rs. 12 crores has been found.
The case of another group is said to be involved in the real estate business. Thus, the evidence of unaccounted cash transactions in the purchase of land, construction of buildings, and sale of apartments has been found and seized.
Further, evidence seized in the case of a prominent land broker confirms the above-unaccounted transactions. Similarly, the evidence seized in the case of a prominent land broker has further corroborated the above-unaccounted transactions.
Thus, the quantum of such unaccounted cash transactions is more than Rs. 80 crores rupees. The unaccounted income so earned by the key persons of the group has been invested in the acquisition of many immovable properties including large parcels of land.
During the search operation, unaccounted cash and jewelery worth over Rs 5 crore has been seized. A total of 14 bank lockers have been closed. So far, the search operation has resulted in the detection of unaccounted transactions of more than Rs. 100 crores. However, further investigation is still underway.
Frequently Asked Questions
It is a search process to recover the cash, property, jewelry, etc from the person, who does not disclose it to the department.
You can call on 18001801961/1961 and ask for help.
The raid conducted in July 1981 is the biggest raid held in Kanpur, Uttar Pradesh. It recovers assets worth ₹16 million (US$220,000) in cash and gold.
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