I-T dept conducts searches in Mumbai, Bengaluru, Noida, finds $100 million parked in tax havens

The Income Tax department carried out a search and seizure operation on September 30 at 37 premises spread across multiple cities including Mumbai, Pune, Noida and Bengaluru. It was found that $100 million has been parked in bank accounts in tax havens.

The Income Tax department carried out a search and seizure operation on September 30 at 37 premises spread across multiple cities including Mumbai, Pune, Noida and Bengaluru. The groups and individuals involved are engaged in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics and so on. .@IncomeTaxIndia conducts searches in #Maharashtra, KarnatakaCredits in bank accounts of these groups/individuals exceed 100 Million US Dollars (about Rs. 750 Crore)Details https://t.co/DDetZsUT2i pic.twitter.com/kr4ovSC3vH

In the course of the search operation, several incriminating documents, loose sheets, diaries, emails and other digital evidence were unearthed. These indicate ownership of several foreign bank accounts and immovable properties which have allegedly not been reported to the Income Tax department.