Law Kumar Mishra
Patna, November 22
The Income Tax (IT) department had so far detected unaccounted transactions exceeding Rs 100 crore in the raids conducted at the premises of Bihar’s industry minister Samir Mahaseth on Thursday.
During the search operation, unaccounted cash and jewellery worth more than Rs 5 crore have been seized, the IT department said in a statement. A total of 14 bank lockers have been put under restraint, it added.
The department had initiated a search and seizure action on few groups engaged in the business of gold and diamond jewellery and real estate, on November 17, 2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi.
During the course of the search, large number of incriminating documents and digital evidence demonstrating evasion of income have been found and seized.
In one of groups, engaged in the business of gold & diamond jewellery, analysis of seized evidence reveals that this group has invested its unaccounted income in cash purchase of jewellery, renovation of shops and immovable properties. This group has been found to have introduced unaccounted money of over Rs 12 crore in its books of account, in the garb of advance from customers. Further, upon physical verification of stock, during the search action, unaccounted stock of more than Rs 12 crore has been found.
The IT department said In the case of another group engaged in real estate business, evidences of unaccounted cash transactions in purchase of land, construction of buildings and sale of apartments, have been found and seized. The evidence seized in the case of a prominent land broker has further corroborated the above unaccounted transactions.
The quantum of such unaccounted cash transactions is more than Rs. 80 crore. The unaccounted income so earned by the key persons of the group has been invested in acquisition of many immovable properties including large parcels of land.
The department said further investigations were in progress.
