The Income Tax Department has unearthed a black money trail to the tune Rs 139 crore in a search and seizure operation on a business group engaged in the manufacturing and distribution of pharmaceutical medicines and real estate development in Delhi-NCR, according to a press statement issued by the Finance Ministry on Friday.
The search action carried out on June 29, covered 25 premises of the group in Delhi-NCR and Haryana.
Evidence seized in the course of the raid showed hawala cash receipts of Rs 25 crore while Rs 94 crore of unaccounted excess stocks of medicines were also detected. Another Rs 20 crore was shown by the group as bogus losses in the stock markets to offset the capital gains in its real estate business, according to the official statement.
Unaccounted cash of Rs. 4.2 crore and jewellery and bullion worth Rs. 4 crore have already been seized so far.
A large number of incriminating documents in the form of loose sheets and digital data have been seized. These documents reveal that the group was involved in huge unaccounted sales of pharmaceutical medicines in cash. Large amounts of purchases, payments of wages and other expenses were also found to have been made in cash.
This modus-operandi of unaccounted cash sales of pharmaceutical medicines, including cash receipts through hawala for sale of medicines to Afghanistan, has been admitted by a key person involved in such transactions.
The preliminary analysis of the seized data indicates that such hawala cash receipts amount to Rs. 25 crore approximately.
In the case of one pharmaceutical concern dealing in Active Pharmaceutical Ingredients (API), surplus stock valued at Rs. 94 crore has been found.
It is also found that the cash generated through unaccounted cash sales has been invested in purchase of immovable properties, and in expansion of manufacturing facilities of pharmaceutical medicines.
The real estate entities of the group are found to be engaged in out-of-books sale and purchase of properties in cash. The group has also been booking bogus Long Term/ Short Term Capital Losses in the securities market to offset the capital gains earned on such property transactions. The amount of such bogus losses is estimated to be around Rs. 20 crore. The search action has revealed that the group has also floated benami entities to purchase immovable properties in Himachal Pradesh.
Further investigations are still in progress.
