A real estate group, which develops commercial properties like malls, was under surveillance of the income tax (IT) department, before the raid on March 17. This was over the allegation on dealers engaged in the business of mobile accessories, and various evidence pertaining to out-of-books sales.
In all, 29 premises located in Mumbai were covered under search operation, while 14 premises were covered under survey action.
The IT department claimed that the group was having 950 units exclusively for the mobile accessories business. Of these, about 905 of the units have been sold starting from 2017 till date. The evidence stored in a pen drive found in the searched premises revealed that the group has taken an amount of Rs 150 crore as on-money receipts over and above the agreement value, which is not accounted for in the books of accounts on sale of such units.
Further, similar evidence of on-money amounting to Rs 70 crore has been found in the pen drive related to a residential-cum-commercial project. Cash amounting to Rs 5.50 crore has been found and seized from various premises of this group.
The receipts of on-money for sale of shops/flats by the builder in various projects recorded in digital form have been seized.
Other than dealers engaged in the business of mobile accessories, various incriminating evidence has been found related to out-of-books sales. In addition, the group imports goods from China and sells these goods to various parties all over India. The imports are under invoiced and payments are made through hawala channels. 13 secret godowns containing unaccounted stock have been discovered, wherein the stock is being inventorised and valuation is under progress.