During the search operations, unaccounted investment in property of about Rs 7 crore besides unaccounted cash of Rs 1.95 crore and jewelry worth Rs 65 lakh were also detected. Till reports last came in, investigations were in progress.
(Representational Image; Source: iStock)
The Income Tax (IT) department on Sunday conducted searches on the premises of two groups engaged in the businesses of digital marketing and waste management in various parts of the country.
In the case of the first group engaged in digital marketing and campaign management, search operations were conducted at its seven premises located in Bengaluru, Surat, Chandigarh, and Mohali.
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Incriminating evidence has been found pointing to the group’s involvement in obtaining accommodation entries using an entry operator.” The entry operator has admitted to having facilitated the transfer of cash and unaccounted income of the group through Hawala operators,” according to a Finance ministry note.
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Inflation of expenditure and under-reporting of revenue have been detected. The group has also been found to be indulging in unaccounted cash payments. It is also found that the personal expenses of the directors have been booked as business expenses in the books of accounts. Luxurious vehicles used by the directors and their family members are found to have been purchased in the names of employees and entry providers.
Anomalies were also detected in the accounts of the second group engaged in solid waste management including solid waste collection, transportation, processing, and disposal services across the country, primarily catering to Indian municipalities.
Various incriminating documents, loose papers, and digital evidence have been seized. Evidence reveals that this group has indulged in booking bogus bills for expenses and sub-contracts. A preliminary estimate of such bogus expenses booked has been put at around Rs70 crore, according to the ministry.
During the search operations, unaccounted investment in property of about Rs 7 crore besides unaccounted cash of Rs 1.95 crore and jewelry worth Rs 65 lakh were also detected. Till reports last came in, investigations were in progress.
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