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Raids at Unicorn Start-Up Group unearthed a total of 224cr in unaccounted funds.

The Income Tax department recovered undisclosed income of over 224 crore, the CBDT said on Sunday after raiding Unicorn, a start-up group based in Pune and Thane in Maharashtra. On March 9, searches were conducted at 23 locations in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh.

 

According to the Central Board of Direct Taxes, the tax department’s policy-making body, the group is involved in wholesale and retail construction materials and has a pan-India presence with an annual turnover over 6,000 crore. It stated that unaccounted cash worth 1 crore and jewellery worth 22 lakh had been seized thus far.

 

The group was found to have booked bogus purchases, made large unaccounted cash expenditures, and got accommodation entries aggregating over 400 crore, according to the statement. ‘These evidences were shown to the group’s directors, who admitted under oath that this was their modus operandi, disclosed additional income of more than 224 crore in various assessment years, and offered to pay their due tax liability,’ the CBDT alleged.

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