Income Tax Department Raids Real Estate Businessmen for Evidence of Rigging Worth Rs 360 Crores
In a four-day operation, the Income Tax Department raided over 50 locations in 10 cities across India, including Noida, Mumbai, Delhi, Lucknow, and Gurugram. The search operation focused on the locations of Pintel, Amravati, and Excella Group and resulted in the discovery of evidence of diversion of more than Rs 360 crore. The IT department seized cash and jewelry worth Rs 12 crore in the investigation, which also revealed information about spending Rs 100 crore through fake companies.
Expansion
The Income Tax Department’s search operation initially targeted 40 locations but expanded to include more locations. During the investigation, teams recovered Rs 8.25 crore in cash and jewelry worth approximately Rs 3.95 crore. The preliminary investigation also found evidence of converting black money of over 100 crores into white through shell companies in Kolkata. The investigation teams also collected documents related to benami properties.
Wires Connected to Hawala Business
In addition to the evidence of rigging, the IT department also discovered information related to hawala business during the raids. The department suspects the activation of white-collar agents through shell companies from real estate business companies and agents who convert black money of bureaucrats into white.
The search operation lasted four days, and the Income Tax Department collected evidence of rigging worth Rs 360 crores. The discovery of evidence related to hawala business could have far-reaching implications for the real estate business and the bureaucrats involved. The IT department’s investigation is ongoing, and more information is expected to emerge as the case progresses.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
