IT Department conducts searches in West Bengal; Detected unaccounted income of Rs.250 crore

IT Department conducts searches in West Bengal; Detected unaccounted income of Rs.250 crore The Income Tax Department carried out a search and seizure operation on two prominent real estate groups of Kolkata on 18.08.2022. A significant amount of incriminating material, including documents and digital data, was discovered and seized during the search operation. Evidence of off-books cash transactions and on-money receipts is present. Numerous documentation and electronic data suggest that unaccounted money was transferred through shell corporations. Additionally, some of the evidence that was uncovered during the investigation indicates that money that wasn't supposed to be there was used to buy land. The key players acknowledged using phoney investments to inject unaccounted money into shell firms in the form of share capital, share premium, and unsecured loans. The search action has, so far, led to a detection of a total unaccounted income of more than Rs. 250 crore. During the course of search proceedings, 16 bank lockers have been found which have been placed under restraint. Further investigations are in progress.