The Income Tax Department has unearthed black money to the tune of Rs 100 crore in a search and seizure operation carried out on a prominent Kolkata-based Group, engaged in the manufacturing of steel bars and structural construction materials, according to information provided by the finance ministry on Monday.

The search action has resulted in seizure of unaccounted cash of Rs 75 lakh and jewellery valued at Rs 2.26 crore while certain bank lockers have been sealed, the official statement said.

The search operation conducted on Dec1 covered more than 20 premises spread over West Bengal and Odisha.

The action unearthed various methods of tax evasion adopted by the group. A large amount of incriminating evidence in the form of documents and digital data demonstrating high value unaccounted cash payments, unaccounted cash purchase and sales as well suppression of production have been found.

A preliminary analysis of the evidence reveals that many shell companies that exist only on paper were being used by the group to provide accommodation entries to its flagship concerns. These shell entities were found to have routed back their unaccounted money in the guise of share capital or unsecured loans in the books of account. Such modus operandi has been admitted by one of the key persons of the group.

Further investigations are still in progress.

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