Categories: Economy

Income Tax Dept. unearths Rs 100 crore in black money from handicrafts exporter in Mumbai

<p>
The Income Tax Department has unearthed black money to the tune of Rs 100 crore and seized Rs 7.9 crore of unaccounted gold jewellery in a search and seizure operation carried out on a handicrafts exporter’s premises in Mumbai and Rajasthan, according to information provided by the Finance Ministry today.</p>
<p>
The search action has led to seizure of unaccounted cash exceeding Rs. 1.3 crore</p>
<p>
The search operation carried out on June 16, covered more than 25 premises spread across Rajasthan and Mumbai.</p>
<p>
The business group was also involved in cash financing, purchase and sale of land and buildings, and had dealings with bullion traders to launder money. </p>
<p>
During the course of the search operation, several incriminating documents have been seized. The evidence indicates that the group has indulged in unaccounted cash transactions in real estate business as well as obtaining bogus purchase bills.</p>
<p>
The modus operandi of the group has been to suppress profits of the handicrafts business by inflating the purchases in the books of account, through bogus bills of gold and silver arranged from bullion traders.</p>
<p>
During the search, it has also been seen that cash has been received back against the cheques issued to these bullion traders.</p>
<p>
Cash was found to be utilised for investment in real estate as well as for obtaining cheques to be introduced as credits into the books of account. The seized evidence also revealed that the group recently acquired a few shell companies through entry operators.</p>
<p>
Further investigations are still in progress and the amount in the black money trail is likely to go up further.</p>
<p>
<strong>Also read:  <a href="https://www.indianarrative.com/economy-news/taxmen-unearth-rs-crore-in-black-money-from-two-chennai-biz-groups-71756.html">Taxmen unearth Rs 1,000 crore in black money from two Chennai biz groups</a></strong></p>

IN Bureau

Recent Posts

Israel targets Hezbollah’s intelligence headquarters in Syria

Israel on Monday targeted Hezbollah's intelligence headquarters in Syria. Sharing a post on X, the…

14 mins ago

The ever-growing role of Buddha Dhamma

By Portia Conrad The Buddha Dhamma, or Buddhist teachings, has continued to play an evolving…

24 mins ago

IAF orders enquiry after MiG-29 aircraft crashed near Agra

Indian Air Force (IAF) has said it has ordered an enquiry hours after a MiG-29…

14 hours ago

Paank urges Pakistan to end enforced disappearances following release of abducted students

The Human Rights Department of the Baloch National Movement, Paank, has emphasised that enforced disappearances…

14 hours ago

UKPNP condemns new restrictions on civil liberties in Pakistan-occupied Jammu and Kashmir

The United Kashmir People's National Party (UKPNP) has condemned a recent notification from the government…

15 hours ago

India-Vietnam Joint military exercise Vinbax 2024 commences at Ambala

The 5th Edition of Vietnam Indian Bilateral Army Exercise "VINBAX 2024" commenced on Monday and…

16 hours ago