Unaccounted cash seized in income tax raids in Delhi, Maharashtra, Gujarat

The income tax department has said it conducted searches and seizure operations at the premises of 20 companies in Maharashtra, Gujarat, and Delhi on November 16

The income tax department has said it conducted searches and seizure operations at the premises of 20 companies in Maharashtra, Gujarat, and Delhi on November 16, and seized around ₹66 lakh unaccounted cash and “restrained bank accounts” containing an aggregate amount of ₹28 crore.

The income tax department has said it conducted searches and seizure operations at the premises of 20 companies in Maharashtra, Gujarat, and Delhi on November 16. (Bloomberg/File)

The companies are engaged in chemical, ball bearings, machinery parts businesses, etc. “A large number of incrimination evidence in the form of digital data showing earning of huge unaccounted income by these companies has been found and seized. It has been found that these companies are indulging in tax evasion through manipulation of books of accounts,” said the finance ministry in a statement.

It cited their books and added they revealed the companies used a network of shell companies to transfer an estimated amount of ₹20 crore to neighbouring countries over the past two years.

The statement said one of the companies trading in chemicals was found to be routing the claim of purchases through the Marshall Islands, which is a low tax jurisdiction country.