Quick Summary
The Income Tax Department carried out search and seizure operation on a group based in Eluru on 28.01.2021 at 21 different locations across Andhra Pradesh and Telangana. The group entities are engaged in Film Financing, Aqua Culture, Real estate, Distribution of Films and Money Lending. During the course of the search operation, hand written books, agreements and loose sheets depicting undisclosed cash transactions were seized. The group is lending huge amounts in cash and collecting inte
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FAQ :
The Income Tax Department conducted searches due to suspected undisclosed cash transactions and income suppression by a group involved in various businesses.
The targeted group was involved in Film Financing, Aqua Culture, Real estate, Distribution of Films, and Money Lending.
Incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from FY 2016-17 to FY 2019-20 was detected.
Assets worth Rs 17.68 crore were seized, including Rs 14.26 crore in cash and Rs 3.42 crore in gold jewellery, bullion, and silver.
Yes, it was observed that certain entries totalling Rs 13 crore were deleted from cloud data but were subsequently recovered.
The operation was carried out at 21 different locations across Andhra Pradesh and Telangana.
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