New Delhi [India], October 4 (ANI): The Income Tax Department conducted a search and seizure on September 30 at 37 premises in several cities, including Mumbai, Pune, Noida and Bengaluru.
These groups / individuals were in various businesses such as cable manufacturing, real estate, textiles, printing machines, hotels, logistics.
During the search operation, several incriminated documents, loose sheets, diaries, emails and other digital evidence, etc.
An official statement says that these groups / individuals used the services of a Dubai-based financial services provider to create a dubious and complex web of foreign companies and trusts based in tax havens such as Mauritius, United Arab Emirates, IVBs, Gibraltar, etc. assets.
The credits on the bank accounts of these groups and individuals maintained by the Dubai-based financial service provider exceed US $ 100 million (around Rs 750 crore) accumulated over a decade and were found to be parked in bank accounts in Switzerland, in the United Arab Emirates and Malaysia. and several other countries.
Evidence gathered during the search operation reveals that undisclosed funds parked overseas were used by these groups to acquire real estate in several countries such as UK, Portugal, UAE , etc. “To cover the personal expenses of promoters and their family members abroad and to channel funds to their Indian entities.”
“During the search, evidence related to false payments to suppliers for generating cash, unrecorded cash expenses, hawala transactions, overbilling were also collected,” the statement said.
He said unrecorded money and jewelry in excess of Rs 2 crore were seized from residential and business premises respectively. More than 50 bank records have been kept under control.
Other investigations are underway, the statement said. (ANI)