New Delhi: The CBDT on Monday claimed that the Income Tax Department recently unearthed a “large number” of undisclosed foreign bank accounts and properties after raids on several business groups located in Mumbai, Noida and a few other places.
It said searches were conducted on September 30 at 37 premises in Mumbai, Pune, Noida and Bengaluru on “groups and individuals involved in various businesses such as cable manufacturing, real estate, textiles, printing machinery, hotels, logistics etc.”
Several incriminating documents, loose sheets, diaries, emails and other digital evidence have been found, which indicate ownership of a large number of foreign bank accounts and immovable properties, have not been reported to the department, a statement said.
“These groups/individuals have used the services of a Dubai-based financial services provider to create a dubious and complex web of foreign companies and trusts that are located in tax havens such as Mauritius, UAE, British Virgin Islands, Gibraltar etc. CBDT said. said.
It claimed that “the credit in the bank accounts of these groups and individuals maintained by a Dubai-based financial services provider exceeds USD 100 million (approximately Rs 750 crore).”
These were deposited over a decade and were found deposited in bank accounts in Switzerland, UAE, Malaysia and several other countries, the statement said.
It said the tax officials seized cash and jewelery worth Rs 2 crore during the raids and frozen 50 bank accounts.
“Evidence collected during the search operation has revealed that undeclared funds held abroad by these groups have been used by these groups to acquire immovable properties in several countries like UK, Portugal, UAE, With funds layered through foreign bank accounts in the name of the incorporated companies, abroad to meet the personal expenses of the promoters and their family members and refund the money to their Indian entities,” it said.