IT Raid Detects Unaccounted Income Of Rs 2000 Crore

The Income Tax Department had carried out Search and Seizure action on three prominent infrastructure groups on February 6, 2020, at Hyderabad, Vijayawada, Cuddapah, Visakhapatnam, Delhi, and Pune, covering more than 30 premises.

The raid carried on contractors and prominent persons revealed an unaccounted income of ₹2000 crores. It has also found several suspicious transactions which were varried out by contractors and political leaders. WhatsApp messages and unexplained foreign transactions were also unearthed during the search, said an official release.

The press release stated, “Preliminary estimates suggest siphoning of more than Rs 2000 crores through transactions that were layered through multiple entities with the last in the chain being small entities with turnover less than Rs 2 crores to avoid maintenance of books of accounts and tax audits.”

Search operation was also carried out on close associates including ex-personal secretary of a prominent person. Unexplained cash of ₹85 lakh and jewellery worth ₹71 lakh have been seized. More than 25 bank lockers have been seized.