NEW DELHI: The Income Tax Department unearthed “a large number” of undisclosed foreign bank accounts and assets after it recently raided multiple business groups based in Mumbai, Noida and some other places, the CBDT claimed on Monday.
It said searches were conducted at 37 premises in Mumbai, Pune, Noida and Bengaluru on September 30 on groups and individuals involved “in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics etc.”
Several incriminating documents, loose sheets, diaries, emails and other digital evidence have been unearthed which indicates ownership of a large number of foreign bank accounts and immovable properties, unreported to the department, it said in a statement.
“These groups/individuals utilised the services of a Dubai-based financial service provider to create a dubious and complex web of foreign companies and trusts based in tax havens such as Mauritius, UAE, British Virgin Islands, Gibraltar etc. to hold their unaccounted assets,” the CBDT said.
It claimed that the “credits in the bank accounts of these groups and individuals maintained by the Dubai based financial service provider exceed USD 100 million (about Rs 750 crore).”
These were accumulated over a decade and were found to be parked in bank accounts in Switzerland, UAE, Malaysia and several other countries, the statement said.
It said tax authorities seized cash and jewellery worth Rs 2 crore during the raids, and 50 bank accounts were put under restraint.
“Evidence gathered during the search operation revealed that the undisclosed funds parked abroad have been used by these groups for acquiring immovable properties in several countries such as the UK, Portugal, UAE in the name of defunct companies incorporated abroad, with funds layered through foreign bank accounts, for meeting the personal expenses of promoters and their family members abroad and routing back funds in their Indian entities,” it said.