Income tax

Income Tax Department detects cash transactions worth Rs 3,000 crore after raids on Omaxe group : The Tribune India


PTI

New Delhi, March 22

The Income Tax Department has gathered ‘evidence’ that property group Omaxe may have engaged in ‘unrecorded’ cash transactions with clients to the tune of more than Rs 3,000 crore, officials said on Tuesday. responsible.

The CBDT has released a statement to say it raided the premises of a leading real estate group active in northern India on March 14.

“The search action covered more than 45 premises in Delhi and NCR, Chandigarh, Ludhiana, Lucknow and Indore,” the statement issued by the revenue governing body said.

Officials identified the wanted group as Omaxe.

Omaxe Group could not be reached for comment.

“Unaccounted for” cash of Rs 25 crore and jewelry worth Rs 5 crore were seized while 11 lockers were placed under control, the Central Board of Direct Taxes (CBDT) said.

“A large amount of incriminating evidence, including paper documents and digital data, was seized during the search.”

“The evidence seized contains the group’s unaccounted for ‘money’ cash receipt data from various clients for over 10 years,” he said.

Key employees and business leaders from various projects exposed the group’s modus operandi and ‘admitted’ that the group generated unrecorded revenue by accepting ‘unrecorded’ cash (cash) from its customers who do not were not recorded in the regular books of account, the CBDT said.

“Evidence of receipt of such sum exceeding Rs 3,000 crore has been collected so far,” he said.

Examination of the evidence revealed that it contains details of investors from whom the group received “cash loans” amounting to Rs 450 crore, according to the statement.

Omaxe is one of the leading property developers in Delhi and the National Capital Region. It also has a significant presence in similar product projects in Punjab, Haryana and Uttar Pradesh.