The Income Tax Department has detected unaccounted income of over Rs 500 crore in search and seizure operations carried out on a leading real estate group in Ahmedabad and brokers connected with the company, according to an official statement released on Saturday. 

The raid by the Income Tax Department covered as many as 22 residential and business premises.

Documents showing unaccounted investment in land of more than Rs. 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs 100 crore have been found and seized so far.

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A large number of original documents of properties purchased over the years which are apparently held in the name of benami individuals have also been found, the Income Tax Department said. 

In the case of the brokers, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land have been found. Documents showing cash transactions of more than Rs 230 crore in these land deals have been found and seized so far.

The documents found reveal unaccounted income of more than Rs. 200 crore in the hands of the real estate group and also unaccounted income of more than Rs. 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers.

As many as 24 lockers have also been found during the course of the search and seizure operation which have been put under restraint. Cash of approximately Rs.1 crore and jewellery worth Rs. 98 lakh have been seized so far.

The search and seizure operation is still continuing and further investigations are in progress.