Raids on three contractors in Bengaluru: Unaccounted income of Rs 750 crore seized

The income tax department raided 47 complexes in four states

All the three contractors were showing low income by showing fake purchases, excessive expenditure on labor, fake sub-contract costs.

New Delhi: The Income Tax Department has seized unaccounted revenue of Rs 750 crore by raiding three major contractors of the Bengaluru-based Irrigation and Highway Project. The CBDT said in a statement. The income tax department raided 47 complexes in four states.

The CBDT said in a statement that the three contractors were showing low income by showing fake purchases, excessive expenditure on labor, fake sub-contract costs.

The CBDT further said that the investigation found that one group had shown the cost of fake sub-contracts in the name of 40 people who had nothing to do with the contract line. These 40 people have also admitted to irregularities. The CBDT said that during the raids on these three groups, unaccounted income of Rs 750 crore was found.

Of the Rs 487 crore revenue, the concerned groups have admitted that it was their unaccounted income. According to the CBDT, another group has also admitted irregularities worth Rs 105 crore. During the raid, cash worth Rs 4.69 crore, jewelery worth Rs 8.67 crore and silver worth Rs 29.83 lakh were recovered.