Income Tax Department conducts searches in a prominent Real Estate Group of North India

The Income Tax Department carried out search & seizure operations on 14.03.2022 in the case of a leading Real Estate Group active in Northern India. The search action covered more than 45 premises in Delhi & NCR, Chandigarh, Ludhiana, Lucknow and Indore.

A large number of incriminating evidences including hard copy documents and digital data have been found & seized during the search. The seized evidences contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years. The key employees/business heads of various projects have stated the modus operandi of the group and have admitted that the group has generated unaccounted income by accepting ‘on-money’ unaccounted cash from its customers which have not been recorded in the regular books of account. Evidence of receipt of such ‘on-money’ exceeding ₹ 3,000 crore has been gathered so far.

The perusal of evidences further reveals that they contain particulars of investors from whom, the group has received cash loans amounting to ₹ 450 crore.

The search action has led to the seizure of unaccounted cash of more than ₹ 25 crore and jewellery worth ₹ 5 crore. Moreover, 11 lockers have been placed under restraint, and are yet to be operated.

Further investigations are in progress.