New Delhi, July 31 (IANS) The Income Tax Department has searched a Hyderabad-based group linked to the VVIP helicopter scandal, leading to detection of four undisclosed bank accounts abroad and seizure of unaccounted cash.
The group is engaged in the business of conducting seismic data analysis in which it imports on a large scale through a Dubai-based operator who is an accused in the chopper scam.
The surplus funds generated by over invoicing amounting to $6 million were parked in Dubai-based accounts of the operator.
According to Income Tax officials, the search led to incriminating evidence including e-mail and mobile conversations between the main director of the company raided and the Dubai-based operator regarding over-invoicing of imports.
“When confronted, the persons concerned admitted to over-invoicing,” an official said.
Further, the search led to the detection of at least four additional undisclosed foreign bank accounts in UBS Bank Switzerland, OCBC Bank Singapore, Citizens Bank USA and Bank of Nevis International, St Kitts, said the official.
Moreover, three undisclosed companies of the Hyderabad-based promoter in tax havens – namely British Virgin Islands, Island of Nevis and Singapore – were detected.
The officials seized unexplained cash of Rs 45 lakh. Jewellery worth Rs 3.1 crore was also found and its ownership is being verified.