Quick Summary
The Income Tax Department carried outa search and seizure operation on 30.09.2021 on 37 premises spread across multiple cities including Mumbai, Pune, Noida Bangalore. These groups/individuals were in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics etc. During the course of the search operation, several incriminating documents, loose sheets, diaries, emails and other digital evidences etc. have been unearthed which indicates owners
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FAQ :
The Income Tax Department carried out the search and seizure operation on 30th September 2021.
Searches were conducted on 37 premises across multiple cities in Maharashtra, Karnataka, and Uttar Pradesh, including Mumbai, Pune, Noida, and Bangalore.
The targeted groups and individuals were involved in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, and logistics.
Incriminating documents, digital evidence, and other records were unearthed, indicating ownership of a large number of foreign bank accounts and immovable properties that were not reported to the Department. Over £750 crore in undeclared foreign accounts and over £2 crore in unaccounted cash and jewellery were found.
The individuals and groups allegedly used a Dubai-based financial service provider to create a complex web of foreign companies and trusts in tax havens like Mauritius, UAE, BVI, and Gibraltar to hold their unaccounted assets.
Further investigations are currently in progress, with over 50 bank lockers placed under restraint.
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