The Income Tax Department has found a number of foreign bank accounts and undeclared real estate in recent searches and seizures at various business groups in Maharashtra, Karnataka and Uttar Pradesh, the department said. .
Credit to the bank accounts of these groups and some connected individuals exceed US $ 100 million and are parked in bank accounts in Switzerland, the United Arab Emirates, Malaysia and some other countries, the IT department said on Monday in a statement.
The department said it carried out search and seizure operations on September 30 at 37 premises in several cities, including Mumbai, Pune, Noida and Bengaluru. These groups and individuals were in various businesses such as cable manufacturing, real estate, textiles, printing machines, hotels, logistics, etc.
During the search operation, several incriminating documents, diaries, emails and other digital evidence of a large number of foreign bank accounts and undeclared real estate were collected, he added.
“These groups and individuals have used the services of a Dubai-based financial services provider to create a questionable and complex web of foreign companies and trusts based in tax havens such as Mauritius, the United Arab Emirates (UAE), British Virgin Islands (BVI), Gibraltar. etc. to keep their unrecorded assets, ”IT said.
Loans to the offshore bank accounts of these groups and individuals maintained by the Dubai-based financial service provider exceed US $ 100 million (approx. ??750 crore), accumulated over a decade and found to be stationed in Switzerland, the United Arab Emirates, Malaysia and several other countries, the statement added.
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Evidence gathered also revealed that undisclosed funds parked overseas were used by these groups to acquire real estate in several foreign countries such as UK, Portugal, UAE, etc. personal expenses of promoters and their family members abroad and referral to their Indian entities, the IT department said.
The research also led to the collection of evidence related to false payments to vendors for generating cash, unrecorded cash expenses, hawala transactions, and overbilling.
The department also seized unaccounted for money and jewelry in the amount of more than ??2 crore of residential and commercial premises and more than 50 bank lockers were kept under control after the searches.