Income tax department of Bihar found more than Rs 100-crore unaccounted transactions . Income tax department of Bihar reported on Tuesday that it discovered more than Rs 100-crore unaccounted transactions and Rs 12-crore stock in gold and diamond .
During a search and seizure operation in five cities, the income tax department of Bihar reported on Tuesday that it discovered more than Rs 100-crore unaccounted transactions and Rs 12-crore stock in gold and diamond.On Thursday, the raids were carried out on a handful of individuals engaged in the trade of gold and diamond jewellery and real estate.According to a statement issued by the ministry of finance, these searches were carried out at more than 30 locations spread across Patna, Bhagalpur, Dehri-on-Sone, Lucknow, and Delhi.During the search operations, missing cash and jewellery worth more than Rs 5 crore was confiscated.
According to the release, the search operation has resulted in the detection of unaccounted transactions totaling Rs 100 crore so far.During the course of the investigation, a large number of incriminating papers and digital evidence indicating evasion of income were uncovered and seized.According to a statement released by the finance ministry, one of the companies engaged in the making of gold and diamond jewellery had invested its unaccounted income in cash purchase of jewellery, restoration of shops, and immovable assets.According to a finance ministry statement, this corporation had unaccounted money of over Rs 12 crore in its books of account, as a result of advance payments from customers. The evidence found in the case of a prominent land broker further supported the above unaccounted transactions, according to the statement, which said that the unaccounted income earned by the group's key persons had been invested in the acquisition of many immovable assets, including vast parcels of land.According to a statement from the finance ministry, further investigations are ongoing.