Income Tax Department carried out search and seizure action on various groups based in Kolkata, engaged in the business of Pharmaceutical manufacturing, diagnostic services and hospitals, the Union Finance Ministry said on Wednesday.
According to the Ministry, in the search operation conducted on February 5, the total concealment of income amounting to Rs 300 crore has been detected so far.
"Cash amounting to Rs 87 lakh and Jewellery worth Rs 61 lakh has been seized. Eight bank lockers have been put under restraint. The assessees have made an admission of undisclosed income amounting to Rs 50 crore," the Ministry stated.
The cases were developed based on the available data in the departmental database, analysis of their financial statements, market intelligence and field enquiries.
Search and seizure action was carried out at more than 17 premises at Kolkata, Haridwar and Bhubaneswar, the Ministry said.
The search action has resulted in the unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital/unsecured loans, expenditure incurred in the renovation of the property in cash.
"During the enquiries conducted by the department, it has been established that the groups have used paper/shell compes to route back their own unaccounted money. A Finance broker engaged in facilitating cash loans to the group was also covered during the operation, who confirmed the transactions," read the release.
Further investigations by the department are in progress.
( With inputs from ANI )
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