IT search in Thane yeilds Rs 5.08 cr unaccounted cash

Mumbai, Aug 23 (UNI) Unaccounted cash to the tune of Rs 5.08 crore was detected during searches carried out by the Directorate of Investigation, Pune, on the premises of a businessman in Thane district.

According to an Income Tax department official, the search operation, carried out by its Kalyan unit was still on.

''The prime accused, who is absconding, was collecting money from the investors and was investing the same in diffrent investment schemes like higher purchase of vehicles,'' the official told UNI today.

When asked to elaborate on the modus operandi, the official declined to divulge saying it would be too early to do so as the department had not yet concluded the search operation.

''We have found some incriminating documents, which we will analyse once the operation is over, and only then we will be able to throw more light on the case,'' he said.

UNI