IT raids of realty developer unearth Rs 20 cr in cash

The Income-Tax Department has conducted search operations at 28 different locations belonging to realty developer Omaxe Ltd, seizing Rs 20 crore in cash.

The I-T Department has also freezed several accounts and seized ledger accounts belonging to Omaxe Ltd. During the earch operations, the I-T Department detected unaccounted transactions anounting to Rs 200 crore.

The search operations in connection with alleged tax evasion began on Monday morning and went on till the evening at Noida, Faridabad, Gurugram and Delhi.

The I-T team examined the transactions of last three to four years. It also recorded the statements of those who were present at the premises at the time of search operations.

A few incriminating documents were also seized by the team.

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