The Income Tax Department has unearthed undisclosed income to the tune of Rs 150 crore from a group engaged in the money lending business in Jaipur and nearby cities, according to official information provided to the media. 

The search and seizure operation carried out on Dec 22 has also resulted in the seizure of unaccounted cash and jewellery of around Rs 10 crore from the premises of the owners of the company.

The analysis of documents relating to the group has revealed that most of the loans have been given in cash and at a very high rate of interest.

“Neither the loans advanced nor the interest income earned thereon, have been disclosed in the returns of income of the persons engaged in this business,” the official statement of the Income Tax Department said.

However, the statement did not reveal the name of the group as it is not permitted under the existing rules.

Also read:  Rs 150 crore in black money detected in tax raid on group with business in Mumbai and Jaipur