Bihar’s Income Tax department today said it has found unaccounted transactions worth Rs 100-crore and gold and diamond stocks worth Rs 12-crore during searches and seizures in five cities.
On Thursday, raids were carried out on a small group of people dealing in gold and diamond jewelry and real estate.
These searches were conducted in more than 30 houses spread across Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi, according to a statement from the finance ministry.
During their search, they found unaccounted money and jewelry worth more than 5 billion. A total of 14 bank vaults were controlled. The statement said that to date, the search has uncovered unaccounted transactions in excess of $100 million.
During the search, many incriminating documents and digital evidence of money laundering were found and confiscated.
In one of the groups engaged in the business of gold and diamond jewelry, the statement said that the analysis of the evidence seized revealed that this group used its unaccounted income for the purchase of jewelry, renovation the sale is an immovable property.
A statement from the Finance Ministry said that this group was found to have included unaccounted amounts of more than Rs 12 crore in its books, in the guise of advance from customers. Further, on physical verification of stock, during the search operation, unaccounted stock of more than Rs 12 crore was found.
If other groups are engaged in real estate transactions, evidence of unaccounted money transactions for land purchases, building construction and real estate sales has been found and seized, according to the statement. The evidence seized in the high profile real estate case further corroborated the above unlisted transactions.
The number of unaccounted money transactions is more than Rs 80 crore and the unaccounted income earned by the important persons of the group was used to acquire many immovable properties including land. broad, the statement said. The investigation is still ongoing, according to the statement of the Ministry of Finance.
(Other than the headline, this story was not published by NDTV staff and was published from a syndicated feed.)
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