MUMBAI: Income Tax (I-T) searches 25 premises of a business group allegedly involved in generation of unaccounted cash through bogus bills in Mumbai and Rajasthan last week.
The I-T unearthed unaccounted income over Rs 100 crore and seized Rs 1.3 crore cash along with gold jewellery worth Rs 7.9 crore during the searches. The group recently acquired a few shell companies through entry operators, said I-T. Such shell companies have mostly been used for layering of unaccounted money.
The group is involved in retail and export of handicrafts, cash financing, land deals, construction business and bullion trade. I-T said that during the search they seized documents that indicate that the group has indulged in unaccounted cash transactions in real estate business as well as obtaining bogus purchase bills. A press note issued by I-T said, “The modus operandi of the group has been to suppress profits of the handicrafts business by inflating the purchases in the books of account, through bogus bills of gold and silver arranged from bullion traders. During the search, it has also been seen that cash has been received back against the cheques issued to these bullion traders.”
Further, the cash was found to be utilised for investment in real estate as well as for obtaining cheques to be introduced as credits into the books of account.
