IT department recovers Rs 300 crore investment documents

Income tax sleuths on Saturday recovered jewellery, cash and transaction documents worth crores of rupees after three days of raids at the house and several business establishments of former Rajasthan Housing Board Chairman Ajaypal Singh and his brother Ajitpal Singh. The three-day-long raids at the house and business premises owned by the two brothers besides their 18 lockers in the city yielded jewellery worth rupees 1.8 crore, rupees five lakh in cash and several investment and transaction documents worth crores of rupees, IT Director (Investigations) Sunil Verma said. The IT Department is now looking into the records of a Mumbai-based company worth Rs 300 crore founded by the brothers in which around 400 people invested. – www.economictimes.indiatimes.com