BENGALURU: Income Tax department officials said on Monday that the raids conducted on January 19 on two political party leaders have unearthed unaccounted wealth worth `162 crore. Both the leaders used the same modus operandi to evade taxes.
The sleuths have seized `41 lakh cash and 12.8kg gold jewellery from both, said officials of Investigation Directorate, Panaji, under the Directorate General of Income-tax, Karnataka & Goa region.
Examination of various entry providers, bank enquiries and surveys carried out at cooperative societies confirmed that huge unexplained cash deposits were made in the bank accounts of their family members and associates in benami names.
These amounts were then transferred to business entities carrying out sugar manufacturing. Also, non-existent people were named as shareholders and investors in one of the sugar companies.
Evidences of creation of bogus assets and siphoning off money for setting up of sugar factories have also been gathered. “Many people who have large incomes and investments were found to be not filing returns. Investigation is still on,” an I-T official said.