India's income tax department said on Tuesday a raid at a prominent real estate group of north India led the team to Rs 3,000 crore unaccounted income apart from unaccounted cash worth Rs 25 crore and unaccounted jewellery worth Rs 5 crore.
"A large number of incriminating evidence, including hard copy documents and digital data have been seized. The seized evidence contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years," the I-T department said in a statement on Tuesday without naming the group.
The I-T department said key employees and business heads of various projects uncovered the modus operandi of the group. "They have admitted that the group has generated unaccounted income by accepting ‘on-money’ unaccounted cash from its customers which have not been recorded in the regular books of account. Evidence of receipt of such ‘on-money’ exceeding Rs. 3,000 crore has been gathered so far," the department said.
It said evidence contains particulars of investors from whom the group received cash loans amounting to Rs 450 crore.
The team conducted search operations against New Delhi-based Omaxe on March 14. Searches were conducted at more than 45 premises in North India, including office and residential premises of top company management in Noida, Delhi, Gurugram, Faridabad, Chandigarh, Ludhiana, Lucknow, and Indore. Sources had then told CNBC-TV18 the I-T department action was based on investigations that revealed alleged irregularities and concealment of income.
The company is engaged in real estate activities and the business of providing infrastructure facilities. These include housing and real estate development. Its portfolio includes hi-tech townships, integrated townships, group housing, office spaces, shopping malls and Hotels. The company's projects are based in Lucknow, Ludhiana, Prayagraj, and New Delhi, among other areas.
The stock of the company dipped sharply on March 14 when the news of raids came out. The scrip was down 2.49 percent at BSE on March 14--the stock opened at Rs 87.35 and ended the day at Rs 86. On March 22, Omaxe stock was up 1.28 percent at Rs 86.80. Trading ended before the I-T department statement.
The I-T department has said 11 lockers have been placed under restraint, and are yet to be operated, and further investigations are in progress.
First Published: Mar 22, 2022 3:56 PM IST
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