IT raids on 2 realty firms find assets worth Rs169 crore

In raids conducted from December 23 to 26, officials seized property worth Rs 143 crore and found undisclosed income of Rs 26 crore .

Published: 27th December 2016 03:14 AM  |   Last Updated: 27th December 2016 03:43 AM   |  A+A-

By Express News Service

BENGALURU: Four days after Income Tax officials raided two groups of real estate developers and mall owners, the investigation wing of the department said that they have unearthed undisclosed assets to the tune of `169 crore. The raids were conducted from December 23 to 26.
In a statement to the media, the Income Tax department stated that during the first raid they found that a real estate group had undisclosed property worth `143 crore and the second raid found another realty firm to have undisclosed income of `26 crore.

IT department officials refused to divulge the names of the firms.
The release stated: “In the first case where `143 crore worth of assets were seized, we found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income. Their names were also found to be mentioned in receipts of many property transactions.”
In the case of the second group, the assesses are found to have undisclosed income to the extent of `26 crore. It was found that the assesses had not accounted for the cash received after sales and they had also disguised personal expenses as business expenses. It was also found that they had made unaccounted investments in gold and other precious jewellery, the IT officials added.

ED raids DCC bank
Enforcement Directorate (ED) officials of Bengaluru conducted a raid at the head office of Kolar Chikkaballapur District Central Cooperative (KCDCC) Bank on Monday and collected details pertaining to the deposits and disbursement of loans to various organisations, including self-help groups. Four officials visited the office to collect the details. The raid was conducted following charges that the bank has collected huge deposits of higher denomination notes post demonetisation. Sources said the officials also collected the balance sheet of the bank before and after demonetisation came into effect. They also questioned the accountant and other staffers who look after the deposits. When contacted, KCDCC president Byala Halli Govinda Gowda told Express that the officials came to the office at 10am and left by 6pm. He added that post demonetisation, a total of D28 crore was deposited in the bank within a span of four to five days and it was done as per the KYC norms and guidelines.
Of the deposits, D16 crore belongs to the Milk Union and the highest amount collected was D2,35,000, he said. On November 10 and 11, ACB sleuths had verified the bank documents.

D11.30 lakh seized in Davangere
Police arrested two youths who were trying to convert the demonetised D500 and D1,000 notes for the D2,000 currency notes and seized D11.3 lakh from them at Nijalingappa Layout in Davangere on Sunday. Police personnel were doing rounds when they found two youths with plastic bags. When the police interrogated them, they found the bags contained D11.3 lakh in D2,000 notes. The youths did not have any valid documents. The youths are Ramesh B and Shivakumar S, both residents of Vidyanagar. Police said one B G Naveen told the youths that if they gave him D11.3 lakh worth of new notes, he would give them old notes worth D12 lakh. Naveen is still on the run.


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