The Income Tax administration conducted searches at the offices of two business groups in Maharashtra’s Jalna, seizing around 100 crores worth of Benami property, according to the news agency.
56 crore in cash, 32 kg of gold, jewels, and real estate documents are among the items confiscated from various locations of corporate groups involved in the steel and real estate industries.
According to the news agency, which cited authorities, the raids took place between August 1 and 8, following the receipt of actionable intelligence regarding alleged tax fraud against the Jalna-based corporate firm.
According to the local media outlet, four significant steel factories in Jalna were allegedly involved in cash transactions and income tax evasion involving crores of dollars. After obtaining the information, a team from the Nashik Income Tax Department and local law enforcement searched the homes and businesses of steel producers and merchants in Jalna on August 1.
It is believed that five distinct teams worked on the operation simultaneously, according to the local media outlet.
The officials had to tally the money taken in the operations for approximately 14 hours.
The Income Tax Department allegedly received significant data on transactions involving real estate, agriculture, bungalows, bank accounts, and other items.
Benami property worth over 100 crores was confiscated, including 56 crores in cash, 32 kg of gold, pearls, jewels, and property documents.
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