The Income Tax department has seized ''unaccounted'' cash, jewelry and bullion worth over Rs 8 crore after it recently raided a group engaged in pharma trade and real estate, the CBDT said on Friday.
The searches were launched on June 29 and as many as 25 premises in Delhi-NCR and Haryana of the group, that has not been identified, were covered.
The group was involved in ''huge unaccounted sales of pharmaceutical medicines in cash'', the CBDT said.
''A large number of purchases, payments of wages and other expenses were also found to have been made in cash,'' it said in a statement.
The Central Board of Direct Taxes (CBDT) frames policy for the I-T department.
The modus-operandi of ''unaccounted'' cash sales of medicines, including cash receipts through hawala for the sale of medicines to Afghanistan, has been admitted by a key person involved in such transactions, it said. ''The preliminary analysis of the seized data indicates that such hawala cash receipts amount to Rs 25 crore approximately.'' ''In the case of a pharmaceutical concern dealing in Active Pharmaceutical Ingredients (API), surplus stock valued at Rs 94 crore has been found,'' the CBDT said.
So far, unaccounted cash of Rs 4.2 crore and jewelry/ bullion worth Rs 4 crore have been seized, the statement said.
The department found that cash generated through unaccounted cash sales has been invested in the purchase of immovable properties and the expansion of manufacturing facilities of medicines. ''The real estate entities of the group are found to be engaged in out-of-books sale and purchase of properties in cash.'' ''The group has also been booking bogus long-term/short-term capital losses in the securities market to offset the capital gains earned on such property transactions,'' the CBDT said.
The amount of such bogus losses is estimated to be around Rs 20 crore, it said.
The department alleged that the group floated 'benami' entities to purchase immovable properties in Himachal Pradesh.
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