Income Tax Department conducts searches in Gurugram, detects Rs 600 cr in black money

The Income Tax Department carried out search and seizure operations on two groups-- one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram. The raids led to detection of Rs 600 crore in black money as per a statement.

“Total cash amounting to Rs. 3.54 crore and Jewellery valued at Rs. 5.15 crore have been seized. In total, 18 bank lockers have been placed under restraint. The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs. 600 crore," the finance ministry stated.

During the raids, the I-T department found and seized various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies.