New Delhi, 08 July: The Income Tax Department raided 25 locations in Delhi-NCR and Haryana and recovered unaccounted cash, jewelery and gold and silver, worth more than Rs 8 crore.
However, the action has been taken on June 29 on a pharmaceutical drug maker, distributors and a real estate group; it has been disclosed on Friday.
In a statement issued today, the Central Board of Direct Taxes (CBDT) said that raids were conducted at 25 premises of this group in Delhi-NCR and Haryana on June 29. In the preliminary analysis, it was found that the group has transacted over Rs 25 crore through the hawala network. So far, unaccounted cash worth Rs 4.2 crore and jewellery and gold and silver worth Rs 4 crore have been recovered in this raid.
Though the identity of the group has not been disclosed, the CBDT said the group is largely involved in the unaccounted cash sale of drugs. According to the statement, it was found that this group made a large number of purchases, salary payments and other expenses in cash. Along with this, a person involved in the transaction has admitted that the hawala route was adopted to sell medicines to Afghanistan.
Search operations by the Income Tax Department have revealed that this group has also formed Benami entities to buy immovable properties in Himachal Pradesh. A large number of incriminating documents in the form of digital data related to this have been seized, in which the amount of fraudulent loss is estimated to be around Rs 20 crore.
Preliminary analysis of the data seized by the department has revealed that the amount of hawala cash receipts is around Rs 25 crore, while the value of surplus stock in the case of the pharmaceutical company is indicated to be Rs 94 crore.
