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‘Raids on an ‘influential family of Maharashtra’ reveal unaccounted income of 184cr’

The Income-Tax (I-T) department that had recently carried out massive search and seizure operations at 70 premises of two real estate business groups of Mumbai and certain individuals and entities linked to a politician’s family, has found highly incriminating documents, evidencing unaccounted income of about ₹184 crore
During the five-day long search operations, unaccounted cash of 2.13 crore and jewellery of 4.32 crore have been seized. (Photo for representation)
Published on Oct 16, 2021 12:51 AM IST
ByVijay Kumar Yadav, Mumbai

The Income-Tax (I-T) department that had recently carried out massive search and seizure operations at 70 premises of two real estate business groups of Mumbai and certain individuals and entities linked to a politician’s family, has found highly incriminating documents, evidencing unaccounted income of about 184 crore. These raids were conducted at Mumbai, Pune, Baramati, Goa and Jaipur.

While disclosing the details on Friday, the I-T department said that suspicious flow of funds has taken place with the involvement of an “influential family of Maharashtra”. Coincidentally, the tax department had recently carried out high-scale search operations at multiple places in Maharashtra and Goa, including at the residences of deputy chief minister Ajit Pawar’s three sisters and son. Pawar had then termed the agency’s action as harassment and also said that the I-T department is being misused against their family for political reasons.

The department’s statement has, however, not named any particular politician, individual or entity.

According to the tax department, its search operations commenced simultaneously in three states on October 7. The evidence gathered during the searches revealed several prima-facie unaccounted for and benami transactions. Incriminating documents, evidencing unaccounted income of about 184 crore of the two groups have been found.

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The agency said that the search action has led to identification of transactions by these business groups with a web of companies which, prima facie, appear to be suspicious.

“A preliminary analysis of the flow of funds indicates that there has been an introduction of unaccounted funds in the group by way of various dubious methods like introduction of bogus share premium, suspicious unsecured loans, receipt of unsubstantiated advance for certain services, collusive arbitration deals out of non-existent disputes, etc,” agency’s statement stated.

The funds, introduced in a dubious manner, have been utilised for acquisition of various assets such as an office building at a prime locality in Mumbai, a flat in a posh locality at Delhi, a resort in Goa, agricultural lands in Maharashtra and investments in sugar mills. The book value of these assets aggregates to about 170 crore, stated Surabhi Ahluwalia, commissioner of I-T (media and technical policy) and official spokesperson, Central Board of Direct Taxation (CBDT).

During the five-day long search operations, unaccounted cash of 2.13 crore and jewellery of 4.32 crore have been seized, she added.

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