India

Rs 100 crore black money trail detected in tax raid on two business groups in Maharashtra

The Income Tax Department detected unaccounted income of more than Rs. 100 crore in a search and seizure operation on two prominent business groups in Maharashtra. While one of the group’s is engaged in the business of sand mining, sugar manufacturing and road construction the other is in the healthcare sector and also running a medical college, according to an official statement released today.

Undisclosed assets of more than Rs. 5 crore have also been seized after the search action covering more than 20 premises spread over Solapur, Osmanabad, Nashik and Kolhapur districts of Maharashtra on August 25, the Income Tax Department said.

During the course of the search operation, a large amount of incriminating evidence, in the form of hard copy documents and digital data has been seized. The evidence reveals various modus-operandi of tax evasion adopted by the group including booking of bogus expenses, undisclosed cash sales, unexplained loans and credit entries.

In the case of the group engaged in sand mining and sugar manufacturing, documentary evidence of unaccounted cash sales of sugar exceeding Rs. 15 crore have been seized. The search action has revealed that the group has introduced its unaccounted income in the form of bogus unsecured loans in its books of accounts. Several lenders to the group, as well as promoters of the group have admitted that unaccounted cash generated by the group exceeding Rs. 10 crore was routed in its books of account in this manner, the statement explained.

Evidence of capital gains of about Rs. 43 crore on the sale of assets by a non-filer corporate entity have also been seized, it added.

In the other group engaged in the business of healthcare and running of medical college, as also road construction, evidences of undisclosed cash receipts representing capitation fee and refund of salary and stipend paid to the doctors/PG students have been found. Moreover, evidence regarding booking of bogus expenses and contractual payments has been seized. Preliminary estimates of such undisclosed income of the group is to the tune of Rs 35 crore, the Income Tax Department statement explained.

Further investigations are still in progress.

IN Bureau

Recent Posts

Musk’s Starlink will be given 3rd satcom services licence after Airtel and Jio: Scindia

Minister for Communications Jyotiraditya Scindia on Thursday said Elon Musk's Starlink will be the third…

22 minutes ago

Gilgit-Baltistan turmoil deepens amid Land Law backlash

Gilgit-Baltistan is witnessing a deepening political and human rights crisis that observers warn may mirror…

31 minutes ago

Trump suspends entry of new international students enrolled at Harvard, cites national security risks

By Reena Bhardwaj In a significant move invoking national security concerns, US President Donald J.…

6 hours ago

India showcases world’s largest DRR financing system at UN disaster platform in Geneva

Principal Secretary to the Prime Minister, PK Mishra, highlighted India's robust Disaster Risk Reduction (DRR)…

7 hours ago

India elected to UN’s Economic and Social Council for term 2026-28

External Affairs Minister S Jaishankar on Wednesday announced that India has been elected to the…

7 hours ago

Trump signs order to ban travel to US from 12 nations, partially restricts entry of nationals from 7 nations

US President Donald Trump has signed a proclamation to ban entry of individuals from 12…

7 hours ago