Big Action: Income Tax Department Raids Unicorn Group, Undisclosed Income Of Rs 224 Crore Unearthed

The Central Board of Direct Taxes (CBDT) on Sunday said that the Income Tax Department has detected undisclosed income of around Rs 224 crore after the recent raids on unicorn start-up group based in Pune and Thane in Maharashtra. On March 9, searches were conducted at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.

Group made fraudulent purchases

Unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have also been seized during the Income Tax Department raids. The Income Tax Department has given a statement on this matter saying that the group made fraudulent purchases, spent huge unaccounted cash and received housing entries worth more than Rs 400 crore. The CBDT claimed that these evidences were confronted with the directors of the group, who admitted to this methodology in pursuance of the statement. The CBDT said that additional income of more than Rs 224 crore has also been disclosed in different assessment years.

Group received huge foreign funds through Mauritius route: CBDT

The CBDT said that the Group, by issuing shares at an extremely high premium, received huge foreign funds through the Mauritius route. The CBDT said that the ‘complex’ hawala network of some shell companies in Mumbai and Thane has also been unearthed.