Jaipur: Income Tax department raids on three prominent business groups in Jaipur have unearthed unaccounted transactions amounting to nearly R 1400 crores, according to preliminary reports. The searches at 28 different places belonging to two property developers and builders and a handicraft and jewellery business went on for two days.
Sources said that a secrete cave-like structure at the house of the jeweller coughed up 15 sacks filled with precious art jewellery and antique items. The I-T unearthed unaccounted transactions of Rs 525 crore during searches at the places belonging to the jeweller.
It has also come up during preliminary investigation that the jewelled used to lend unaccounted money and earn hefty interest. Total amount lent by the jeweller could be about Rs 150 crore.
The records of sales found at the jeweller’s house are in a coded language. The I-T teams are trying to understand the coded digits to determine the true extent of tax evasion.
According to the reports, unaccounted transactions amounting to Rs 650 crore were discovered by the I-T teams during searches at places belonging to one of the real estate groups. The amount of unaccounted transactions found at the other real estate group was Rs 133 crore.
The raids are being touted as one of the biggest ever actions against tax evasion in Rajasthan. In 2015-16, raids at a coaching institution and a marble business coughed up undeclared income of nearly Rs 300 crore each.