Raids on realty firm’s offices: Rs 1.8 cr in black money seized, more may follow

Once they are over, the department is expecting the unaccounted money to cross the Rs 100-crore mark.

LUDHIANA: Unaccounted cash totalling Rs 1.8 crore has been unearthed in income-tax department raids conducted on the offices of a Mohali-based real-estate firm since Wednesday. At the time of the filing of this report, the Ludhiana-based investigation wing of the income-tax department was still carrying out the raids.

Once they are over, the department is expecting the unaccounted money to cross the Rs 100-crore mark. The raids, carried out at 21 premises, including the offices and residences of the six partners of the firm, are part of the biggest such action taken by the department’s investigation wing in the Mohali-Zirakpur area. Though no official was willing to come on record, an officer in know of the investigation and the raids said they had sealed eight lockers owned by the partners.

In all, teams led by more than 150 I-T officers from Ludhiana, Jalandhar, Amritsar, Chandigarh, Mohali and other places were pressed into action as part of the operation since Wednesday. The officer said they had also got hold of documents that pointed towards amassing of black money by the owners of the firm.

According to sources, the teams led by joint director Rohit Mehra and deputy director Lovish Shelley raided the the real-estate firm’s offices in Zirakpur and Mohali, and the documents seized by them pointed towards concealing of massive amount of black money, which might even cross Rs 100 crore.

The source said the department had also come across a list of company’s clients who had made huge cash payments for purchasing property. These customers, some of whom belong to other cities, including Ludhiana, are suspected to have used black money for purchasing the property in these projects and could be questioned by the income-tax department. When contacted, the income-tax departmemt officers refused to comment. However, a source said the investigation was expected to end by next week.



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