The income tax department of Bihar today said it detected more than Rs 100-crore unaccounted transactions and Rs 12-crore stock in gold and diamond during a search and seizure action in five cities.
The raids were done on a few groups engaged in the business of gold and diamond jewellery and real estate on Thursday.
These searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi, according to a statement from the ministry of finance.
During the search operations, unaccounted cash and jewellery worth more than Rs 5 crore have been seized. A total of 14 bank lockers have been put under restraint. The statement said so far, the search action has led to the detection of unaccounted transactions exceeding Rs 100 crore.
During the course of the search, a large number of incriminating documents and digital evidence demonstrating evasion of income have been found and seized.
In one of the groups engaged in the business of gold and diamond jewellery, the statement said analysis of seized evidence revealed that this group had invested its unaccounted income in cash purchase of jewellery, renovation of shops and immovable properties.
The finance ministry statement said this group had been found to have introduced unaccounted money of over Rs 12 crore in its books of account, in the garb of advance from customers. Further, upon physical verification of stock, during the search action, unaccounted stock of more than Rs 12 crore has been found.
In the case of another group engaged in real estate business, evidences of unaccounted cash transactions in purchase of land, construction of buildings and sale of apartments, have been found and seized, according to the statement. The evidence seized in the case of a prominent land broker further corroborated the above unaccounted transactions.
The quantum of such unaccounted cash transactions was more than Rs 80 crore and the unaccounted income so earned by the key persons of the group had been invested in acquisition of many immovable properties including large parcels of land, the statement said. Further investigations are in progress, the finance ministry statement said.
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