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In multi-state operations, investigation agency seized cash, jewelry worth Rs 94 Cr

During searches on government contractors, real estate developers, and their accomplices in Karnataka, Andhra Pradesh, Telangana, and New Delhi, the Income Tax authorities confiscated Rs 94 crore in cash, Rs 8 crore in gold and diamond jewellery, and about 30 opulent wristwatches.

 

On October 12, the tax department searched approximately 55 places. The tax agency found and seized a sizable amount of incriminating material, including loose sheets, hard copies of documents, and digital data.

 

The tax authority believes that these contractors were involved in inflating their expenses to lower their income by making fictitious purchases, submitting false claims for expenses with subcontractors, and claiming unauthorised charges.

 

The use of contract receipts was found to be irregular, which led to the development of concealed assets and a significant amount of unaccounted cash.

 

During the search, anomalies in the Goods Receipt Note (GRN) validation have shown evidence of inflation of expenses. Evidence of significant disparities in documentation pertaining to booked purchases and the actual physical transfer of items as well as fraudulent transactions with subcontractors, some of whom were also searched for, have been found.

 

These contractors also participated in the booking of expenses for non-business uses. Additionally, evidence of the claim for liaison expenditures has been found and seized.

 

Large-scale cash transactions that were not found to be reported in the books of account were also found during the search of the locations of assessees, partners, and subcontractors, including some cash handlers.

 

Additional research is being done.

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