After raids on two business groups in Gurugram, the Income Tax Department discovered a stunning 600 crore in illicit money. On the 10th of November, the department conducted search and seizure operations at Gurugram on two groups, one involved in real estate and hospitality and the other in the manufacturing of tools and equipment.
Various incriminating documents and electronic data relating to unaccounted real estate investment, unaccounted sales and purchases, stock differences, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital gains, and other matters were discovered and seized.
Cash in the amount of Rs. 3.54 crore and jewellery in the amount of Rs. 5.15 crore have been confiscated. A total of 18 bank lockers have been put under lockdown.
The search operation among these groups resulted in the discovery of an estimated Rs. 600 crore in undeclared income.
In addition, proof of substantial sums of money obtained in the form of salary and remuneration by family members without any equivalent qualification or participation in the management of the enterprises has been discovered and confiscated in one of the groups, according to the Ministry of Finance.