Income Tax dept unearths unaccounted cash transactions worth Rs 3,000 crore in raids on Omaxe group

The Income Tax Department has detected ‘unaccounted’ cash transactions of over Rs 3,000 crore by real estate conglomerate Omaxe with customers. Giving this information on Tuesday, officials said that the department has found some “evidence” about this unaccounted transaction.

The Central Board of Direct Taxes (CBDT) in a statement on Tuesday said it had conducted searches on the premises of a leading real estate group in North India on March 14. “The raids were conducted at more than 45 premises in Delhi-NCR, Chandigarh, Ludhiana, Lucknow and Indore,” it said.

Officials said that the person on whom the raids were conducted is the Omaxe group.

The CBDT said, “In the raids, unaccounted cash of Rs 25 crore, jewelery worth Rs 5 crore were seized and 11 lockers were seized. During the search, a large number of such evidences including documents and digital data were found which showed involvement in the crime.

Officials said the seized documents reveal unaccounted cash transactions of over 10 years by the group with its customers. “Evidence of such transactions worth more than Rs 3,000 crore has been found,” the statement said.