The investigation wing of the income tax department in Indore continued searches at 10 premises of Mittal Appliances Ltd and Kalyan Toll Infrastructure Ltd on Saturday, during which it seized hundis worth Rs 5 crore and confiscated over Rs 75 lakh in cash.
Additionally, 23 bank lockers belonging to the two companies were sealed. The search will continue on Monday.
A large volume of documents confiscated by the search teams have revealed that the two groups made huge cash transactions, and large sums of unaccounted money and stocks.
“They seem to have adopted new practices of legalising the unaccounted money in addition to the old methods for which another search may be needed,” a department official said wishing anonymity.
On Friday, 70 department personnel and 30 policemen descended on the premises of the two business groups. Mittal Appliances Ltd, whose seven premises have been covered, is part of the Mittal group and is involved in making coins, coin blanks and coinage material for different mints, including the one owned by the government of India. Dinesh Chand Mittal is the chairman of the group.
Also under the scanner are three premises of Kalyan Toll Infrastructure Ltd. Its associate concerns include Kalyan Keti Toll Pvt Ltd and Kalyan Infratech Pvt Ltd among others.
The group is involved in building roads, bridges, water supply projects and sewerage projects besides dams, commercial and residential complexes in MP, Maharashtra, Rajasthan, Gujarat and Uttar Pradesh. Its group directors include Tikamchand Garg, Amit Kumar Garg and Rajesh Kumar Garg.
Attempts made by Hindustan Times to contact the two groups were met with no response.