The Income Tax Department has unearthed unaccounted income exceeding Rs 150 crore in a search and seizure operation on a prominent Jaipur-based group, engaged in the business of gems and jewellery, hospitality and real estate, according to an official statement issued today.

So far, the search operation has resulted in seizure of unaccounted assets exceeding Rs.11 crore, the Income Tax Department said.

The tax raid was carried out on August 3, covering  more than three dozen premises located in Jaipur and Kota.

During the course of the search,a  large amount of incriminating documentary and digital evidence was seized.

The analysis of the evidence of real estate business reveals that the group has been indulging in large-scale tax evasion by accepting hard cash on the

sale of residential dwellings and land which has not been recorded in the regular books of account. Further, evidence pertaining to out-of-books sale of gems and jewellery has also been unearthed during the search, the official statement explained.

The search also revealed that the unaccounted income earned by the group has been invested in land, construction of a luxury hotel and has also been used in financing cash loans. The seized evidence contains details of interest income earned on these cash loans which has not been recorded in the books of account.

Further investigations are still in progress.