Black money to the tune of a whopping Rs 1,000 crore has been unearthed in a search and seizure operation carried out by the Income-tax Department on the premises of a leading Ahmedabad- based real estate group that also runs a media business.

“Overall, the search and seizure operation has resulted in the detection of unaccounted transactions in excess of Rs. 1000 crore spread over various assessment years so far. As many as 14 lockers have also been found during the course of the search operation which have been put under restraint orders,” the Income-tax Department disclosed on Friday. The raids were carried out on September 8.

The media arm of the group comprises electronics, digital as well as print media while the real estate arm comprises affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation. 

During the course of the search operation, a large number of incriminating documents, loose sheets and digital evidence  have been found and seized, containing detailed records of the group’s unaccounted transactions, spread across multiple financial years.

The evidence has thrown up huge unaccounted cash receipts in excess of Rs. 500 crore on the sale of Transferable Development Right certificates. Evidence of on-money transactions in real estate projects and land deals, in excess of Rs. 350 crore have also been found along with corroborating documents.

Incriminating evidence of unaccounted cash-based loan and interest payments worth more than Rs. 150 crore has also been found.

Further, substantial incriminating evidence of unaccounted cash expenses, cash advances received and interest paid in cash has also been unearthed.

So far, cash of more than Rs. 1 crore and jewellery valued at Rs. 2.70 crore have also been seized from different premises of the group.  

A large number of original documents of properties of the group acquired over the years and held in the names of several dummy individuals and cooperative housing societies have also been discovered.

The search operation is still continuing and further investigations are in progress, the Incoe-tax Department said.

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