IT Dept Raid On Mumbai-based Real Estate Player Finds Rs 700 Cr Worth Of Anomalies
New Delhi: A number of dubious financial transactions to camouflage income totaling Rs 700 has been unearthed in raid conducted by Income Tax department on a “prominent” real estate Group of Mumbai.
The department raided more than 40 premises of the Group in Mumbai and Pune on Monday unearthed proof related to receipt of ‘On Money’ on sale of residential and commercial blocks, bogus unsecured loans, bogus Long Term Capital Gains and various other transactions, the finance ministry said in a statement.
However, the statement did not disclose the name of the real esatte group.
By way of accounting trickery, income on transactions worth Rs525 crore has been evaded. ‘On Money’ receipt on sale of residential and commercial properties amounting to Rs100 crore has been corroborated during the search.
“During the search, incriminating evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus,” the statement said.
Use of entry providers and hawala operators for entries of Long Term Capital Gains by the promoters of the Group has been found. Jewellery worth about Rs14 crore has also been found. The investigation and searches are still in progress.