The Income Tax Department has seized unaccounted cash to the tune of Rs 23.45 crore in a search and seizure operation on a leading real estate businessman at Nashik in Maharashtra. A substantial amount of unaccounted cash was found stored in several private vaults and one locker has been placed under prohibitory orders, according to an official statement issued on Monday.

So far unaccounted income of more than Rs 100 crore has been detected as a result of the search operation. The evidence gathered is being examined and further investigations are in progress, the Income Tax Department said.

Further investigation is still in progress and more cash is expected to be seized once the lockers are opened. 

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The businessman was primarily operating as a land aggregator in Nashik. During the search and seizure operation, many incriminating documents including land agreements, notarized documents and other papers showing large scale cash transactions for acquisition of properties have been found and seized. Such transactions are also corroborated by digital evidence extracted from computers and mobile phones, according to the Income Tax Department

The main persons, who had invested their unaccounted income towards purchase of large patches of land, were also searched. Most of these persons are engaged in the wholesale trading of onions and other cash crops in the Pimpalgaon Baswant region of Maharashtra.

Incriminating evidence, including records of large cash transactions made by these traders for making investments in properties, have also been found and seized. Several bank lockers found during the search have been put under prohibitory orders.