The Income Tax Department has carried out a search and seizure operation on a prominent business conglomerate engaged in the fields of textiles, chemicals, packaging, real estate and education in Gujarat, an official statement said on Tuesday.
The department said it seized cash of Rs 24 crore and jewellery valued at Rs 20 crore.
It also said the search action resulted in unearthing unaccounted transactions exceeding Rs 1,000 crore.
The search conducted on July 20 covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.
‘Various incriminating evidences in the form of documents and digital data have been found and seized. These evidences reveal that the group has been engaged in large scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions,’ the statement said.
The group has allegedly been found involved in layering of unaccounted sums through share premiums from Kolkata-based shell companies.
‘Certain instances of unaccounted income generated through cash-based ‘sarafi’ (unsecured) advances made have also been found. It was also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators. Evidences seized also reveal that the group has been siphoning off funds through fictitious entities for personal use of promoters,’ the statement said.
Further, analysis of evidence suggested that the group was also allegedly involved in manipulation of books of account of its public limited companies, it said.