₹100-cr black income detected, ₹23-cr unaccounted cash seized by I-T dept during raid in Nashik

Large amounts of cash transactions, land agreements, notarised documents and bank lockers were also found during the search operation.

The Income Tax Department has detected unaccounted for monetary assets worth ₹100 crore and seized cash to the tune of ₹23.45 crore after a raid on a Nashik-based real estate aggregator, the finance ministry said on Monday.

The Income Tax department found over ₹23 crore unaccounted cash during the searches. (Pic for representation)

“The Income Tax Department carried out a search and seizure operation on October 21 in the case of a person engaged in the real estate business, primarily operating as a land aggregator in Nashik, Maharashtra,” the finance ministry said, adding that the evidence gathered are being examined.

According to the Central Board of Direct Taxes (CBDT), most of the people involved were engaged in wholesale trading of onions and other cash crops in the Pimpalgaon Baswant region of Maharashtra.

The CBDT added that the “incriminating” evidence seized by the I-T department included records of large amounts of cash transactions made by the traders for investments in properties, land agreements, notarised documents. Bank lockers were also found during the search operation and have been sealed and put under prohibitory orders.

"The main persons who had invested their unaccounted for income towards purchase of large patches of land, were also searched," the CBDT said in a statement. Further investigations are in progress.