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New Delhi :

The Income Tax Department searched the locations of a major business group related to sectors like textile, chemical, packaging, real estate and education on 20 August.

During the operation, raids were conducted on about 58 premises of this group located at Kheda, Ahmedabad, Mumbai, Hyderabad.

During the search operation, objectionable evidence has been found in the form of documents and digital data which have been confiscated.

These evidences suggest that the group was evading large scale taxation by adopting various methods, including unaccounted cash sales outside the books of account, booking of fraudulent purchases etc.

Not only this, the group has also been found indulging in collecting unaccounted amount by way of share premium from 'shell companies' based in Kolkata. 

During the search, it has also come to the fore that the group has also been involved in profiteering by manipulating the share prices of its listed companies through operators.

The confiscated evidence also shows that the group was misappropriating funds for the personal use of the promoters through fictitious entities. 

Analysis of the evidence revealed that the group was also involved in falsification of account books of its public limited companies.

Unaccounted transactions amounting to more than Rs 1 thousand crore have been detected in the search operation.

So far, unaccounted cash, unaccounted jewelery worth Rs 24 crore has also been seized during the campaign.

Further investigation is on in the matter.

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