Income tax raids on contractors' houses in Assam: Rs 100 crore black money seized

During the raid, Rs 2.95 crore cash and jewelery worth Rs 9.79 lakh were seized

(PTI) New Delhi, Ta. Saturday, December 26, 2020

Earlier this week, black money worth Rs 100 crore was seized from three well-known contractors in the northeast in Assam, the CBDT said in a statement.

The raids were carried out in Delhi, Assam, Guwahati, Silapather and Pathshala on December 22. Rs 2.95 crore in cash was seized during the raids.

"So far in the search and survey, we have seized over Rs 100 crore in unaccounted money," the board said in a statement, without giving details of where the raids took place.

The statement added, "We also traced the whereabouts of jewelery worth Rs 7.79 lakh and other jewelery worth Rs 2 crore." Well-known contractors from the Northeast were raided there.

One group is also involved in the hotel industry, the statement said. The three groups were accused of falsely making entries in the form of unsecured loans and charging security premiums from anonymous and dubious companies based in Kolkata.

These groups hid their profits for many years and re-entered black money through entry operators outside Kolkata as well as Guwahati.

The statement said that it was proved that all the companies from which the people had taken loans were bogus and had no existence and were only on paper.

He has no business to trust. Asked by the entry operators, he admitted that the unsecured loans taken by the group and the share premiums taken from the shell companies were also fake.

The investigation also uncovered the end of routing the fund through securities premiums. It was also established that Rs 65 crore was recovered in the regular ledger only through shell companies.