Income Tax Department raids in Maharashtra, Karnataka and Uttar Pradesh

Income Tax Department has conducted raids at 37 places in Maharashtra, Karnataka and Uttar Pradesh in connection with bringing their money into India through a Dubai-based financial company by forming fake companies and selling them through tax-seller countries, in which Rs. Along with the confiscated cash and jewellery, 50 lockers have also been sealed.

In a statement issued here today, the department said the raids were conducted in Mumbai, Pune, Noida and Bangalore on September 30. These companies and people work in cable manufacturing, real estate, textiles, printing machinery, hotels and logistics etc.

The department said that during the investigation, several documents, papers, diaries, emails and other digital evidence have also been found, which has also revealed the existence of many accounts abroad and immovable property. These companies or individuals are keeping their undeclared assets by forming fake and foreign companies and trusts in countries like Mauritius, United Arab Emirates, BVI, Gibrator etc. by taking the service of a Dubai based financial company.

The Dubai company is managing $1 million in assets worth about Rs 750 crore, which are there for several decades. This amount is deposited in the bank accounts of Switzerland, United Arab Emirates and many other countries. By using this amount, these people have acquired properties in countries like UK, Portugal and United Arab Emirates. Along with this, these people have also transferred the money kept abroad to their Indian units.