Around Rs 390 crore of “benami” property or “unaccounted” assets was seized by the Income Tax Department during raids at multiple locations linked to some business groups in Maharashtra’s Jalna over tax evasion, officials have said.
The seized assets included Rs 56 crore in cash and 32 kilograms of gold, pearls and diamonds worth Rs 14 crore. Officials also recovered some property documents and digital data during the raids.
The raids were conducted between August 1 and 8 at the residential and official premises linked to two business groups dealing in steel, clothing, and real estate.
It took the officials about 13 hours to count the exact amount of cash seized during the raids.
After receiving inputs about alleged tax evasion by these business groups, the Income Tax Department had formed five teams comprising 260 officials from across the state for the search operation.
More than 120 vehicles were used in the operation, officials said.