I-T raids uncover Rs 750 crore in black money


Raids on 47 contractors’ properties unearth undisclosed income

The Income Tax Department has detected undisclosed income of about Rs 750 crore following a raid on three major Bengaluru-based contractors engaged in the execution of irrigation and highway projects.

The searches that commenced on October 7 were carried out at 47 properties spread across four states.

During the search operation, it was found that these three contractor-led groups were involved in suppression of their income by resorting to bogus purchases, inflation of labour expenses, booking of bogus sub-contract expenses among other discrepancies. The investigation revealed that one of the contractor groups has booked bogus sub-contract expenses in the name of about 40 individuals of no means and unconnected to the construction business. Upon inquiry, these individuals have admitted to the charges.

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One of the groups admitted to having indulged in inflation of labour expenses amounting to Rs 382 crore. Further, another group has been found to have taken accommodation entries, from non-existing paper companies, to the extent of Rs 105 crore.

Various incriminating evidences in the form of physical documents, digital evidence and others have been seized. During the search, unaccounted cash of Rs 4.69 crore, unaccounted jewellery & bullion valued at Rs 8.67 crore and silver articles valued at Rs 29.83 lakh have been seized.

Out of the detected Rs 750 crore, an aggregate amount of Rs.487 crore has been admitted by the respective group entities as their undisclosed income.

Further investigations are in progress.



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Sagar Biswas

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