Income Tax Raid: One crore cash seized by Income Tax

Income Tax- On March 9, the Income Tax Department conducted a search and seizure operation on Unicorn Start-up Group based in Pune and Thane, which mainly deals in the wholesale and retail business of construction materials . This group has operations all over India, its annual business is around Rs 6,000 crore.

The Income Tax Department had gone to conduct search operations in 23 locations of this raid, which are in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh. During the search operation, a large amount of incriminating evidence was found in the form of paper documents and digital data.

Income Tax Department sources said that evidence found during the search operation shows that this group made fraudulent purchases, spent unrecorded money and that all this total amount is of around Rs 400 crore. This evidence was confronted by the detector of this group, which gave information on the whole functioning of this group.

Disclosure of additional revenue of Rs 224 crore

Apart from this, he disclosed additional income of over Rs 224 crore. The search operation revealed that this group had received a large amount of foreign funds via Mauritius by issuing premium shares. During the search operation, the Income Tax Department also became aware of the hawala network of some shell companies based in Mumbai and Thane. These front companies are on paper and were created for entry purposes only.

Jewelry seized, including cash

We find from the preliminary analyzes that the entry provided by these shell companies is around Rs 1,500 crore. So far one crore of rupees which has not been accounted for and jewelry worth Rs 22 lakh, all these items have been confiscated.

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