IT sleuths conduct raids, recovers Rs 48 crore

Pune, July 6 (UNI) The officials of the Income-Tax deparment today conducted raids on leading businessmen, working as commission agents, and recovered unaccounted money amounting to over Rs 48 crore from Pune, Nashik, Goa and Mumbai.

IT Additional Director General (investigations) Rahul Karna said the searches led to seizures of valuable assets of Rs 6.75 crore, including cash worth Rs 75 lakh. Fixed deposit receipts (FDRs) were made out of unacounted income and were kept in banks as collaterals for loans, the value being in the range of Rs 4.5 crore.

As per preliminary estimates, the searches have yielded unaccounted income of over Rs 10.4 crore and has led to the seizure of valuable assets of Rs 44.32 lakh, including Rs 24.66 lakh in cash.

Pune Unit conducted searches and surveys on leading commission agents, who arranged loans and permits for purchase of autorickshaws. A sum of Rs 1.5 lakh was charged for arranging the loans from financial institutions, he said.

The Unit also conducted searches on a legal and consultancy service provider, specialising in real estate and seized incriminating documents in the form of memorandam of understanding (MoUs) from it.

The IT official said investigations so far revealed suppression of Rs 4 crore and Rs 43.5 lakh in cash admitted to have been generated out of undisclosed receipts, along with demand drafts and pay orders to the extent of Rs 5.76 crore for which explanations have been sought.

UNI