The Income Tax Department, on November 10 this year, carried out search and seizure operations on two groups in Gurugram, the Finance Ministry said in a statement today.
One group is engaged in real estate and hospitality and the other is a tools and equipment manufacturing group, both being based out of Gurugram.
Various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital gains, etc. were found and seized.
Further, the Income Tax Department found evidence of large sums of money being received in the form of salary and remuneration by family members.
The amount was received without any commensurate qualification or participation in the management of the businesses.
Total cash amounting to Rs.3.54 crore and jewellery valued at Rs.5.15 crore was seized during the search.
In total, 18 bank lockers are placed under restraint.
The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs. 600 crores, the ministry's statement said.
According to the Finance Ministry, further investigations are in progress.
Last month, the Income Tax Department conducted searches in Jammu & Kashmir and Punjab on people engaged in the business of processing and trading of dry fruits. They were found to be involved in inflating the dry fruit purchases for years.
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