Income Tax Department conducts searches in West Bengal

By PIB Delhi

The Income Tax Department carried out a search and seizure operation on 18.08.2022 on two prominent real estate groups in Kolkata.

During the course of the search operation, a large number of incriminating pieces of evidence, including documents and digital data, have been found and seized. There is evidence of out of books cash transactions and on-money receipts. Several documents and electronic data indicate the routing of unaccounted money through shell companies. Further, some of the evidence found during the search operation indicate the use of unaccounted funds in land acquisition.

The key persons admitted the use of shell companies for the infusion of unaccounted funds in the form of share capital, share premium and unsecured loans through the sale of bogus investments.

The search action has, so far, led to a detection of a total unaccounted income of more than Rs. 250 crores. During the course of search proceedings, 16 bank lockers have been found which have been placed under restraint.

Further investigations are in progress.