Quick Summary
The Income Tax Department carried out search and seizure operations on two real estate business groups of Mumbai and certain individuals/ entities associated with them. The search operations commenced on07.10.2021and have been carried out at about70premises spread across Mumbai, Pune, Baramati, Goa and Jaipur. The evidence gathered during the search has revealed several prima-facie unaccounted and benami transactions. Incriminating documents, evidencing unaccounted income of about Rs.184 cror
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FAQ :
The searches revealed prima facie unaccounted income of about Rs 184 crore, along with evidence of benami transactions and suspicious fund introductions by two real estate business groups.
The search operations were carried out at about 70 premises spread across Mumbai, Pune, Baramati, Goa, and Jaipur.
Unaccounted funds were introduced through methods such as bogus share premium, suspicious unsecured loans, unsubstantiated advances for services, and collusive arbitration deals.
The funds were used for acquiring assets including an office building in Mumbai, a flat in Delhi, a resort in Goa, agricultural lands in Maharashtra, and investments in sugar mills, with a book value of approximately Rs 170 crore.
Unaccounted cash of Rs 2.13 crore and jewellery worth Rs 4.32 crore were seized during the search operations.
No, further investigations are currently in progress.
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