Chennai, September 25: The Income Tax (IT) Department detected Rs 300 crore of undisclosed income and seized Rs 9 crore in unrecorded cash during its search and seizure operation on two syndicate fundraising groups private here.
Computer scientists carried out their search and seizure operation in 35 premises on 23.9.2021.
According to the IT department, research so far has resulted in the detection of undisclosed income of over Rs 300 crore. Unrecognized cash of Rs. 9 crore has been seized so far. The Income Tax Service detects more than 200 crore in black income after raids on Mumbai mobile accessory dealers.
Evidence found at the premises of financiers and their associates revealed that these groups have loaned to various large corporations and businesses in Tamil Nadu, a substantial portion of which is in cash, the IT department said on Saturday.
During the search, it was detected that they were charging a high interest rate, part of which is not offered for tax.
The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in fictitious bank accounts and that these have not been disclosed for tax purposes.
In addition, unrecorded amounts are disguised and recorded in the groups’ books of accounts as unsecured loans, sundry creditors and others.
Other evidence found during the search revealed numerous undisclosed real estate investments and other income cut-offs by these people, the IT department said.
(The above story first appeared on LatestLY on September 25, 2021 at 2:57 p.m. IST. For more information and updates on Politics, World, Sports, Entertainment, and Lifestyle , connect to our website Latestly.com).