IT Department detects Rs 550 cr unaccounted cash in Haryana raid

During the search operation, various incriminating documents and digital evidences have been found and seized in relation to entities of plywood business, an IT official.

AgenciesUpdated: Monday, January 17, 2022, 09:34 PM IST
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Income Tax Department | Photo: Representative Image

The Income Tax Department stated that they conducted search and seizure operations at the premises of a business group across Haryana and Punjab's Mohali and detected unaccounted cash around Rs 550 crore.

Income Tax Department has recovered documents during the raid on the group which deals with manufacturing of plywood, MDF boards, inverters, and vehicle batteries, and in the refining of lead.

During the search operation, various incriminating documents and digital evidences have been found and seized in relation to entities of plywood business, an IT official.

These include a parallel set of books of account recording the entries of cash transactions of purchase, sale, payment of wages, and other expenses of group entities, in addition to transactions of investment in immovable properties.

The preliminary analysis of incriminating evidence indicates that this group has suppressed sales to the tune of Rs. 400 crore over the last three years.

More than 30 premises across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali were covered in the search operation, stated IT official.

The search action has resulted in seizure of unaccounted cash of more than Rs 6.60 crore and jewellery valued to the tune of Rs 2.10 crore. A total of 22 bank lockers have been kept under restraint.

(With inputs from IANS)

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