₹100 crore ‘benami’ property seized in I-T raids in Maharashtra’s Jalna

Around ₹100 crore of benami property was seized by the Income Tax department during raids at the premises of two business groups in Maharashtra’s Jalna, reported news agency ANI.

The seized assets from multiple locations of the business groups engaged in steel and real estate include ₹56 crore in cash, 32 kg gold, diamonds and property papers.

The raids were conducted from August 1-8 after actionable inputs of alleged tax evasion were received against the Jalna-based business entity, reported PTI quoting officials.

According to HT Marathi, four big steel mills in Jalna were suspected of evading income tax and making cash transactions without fully recording the surplus income of crores of rupees. After receiving the inputs, a team of Income Tax department from Nashik along with local officials raided residences and offices of steel manufacturers and businessmen in Jalna on August 1.

It is understood that the operation was carried out by five different teams at the same time, HT Marathi reported.

It took almost 14 hours for the officials to count the cash seized in the raids.

The Income Tax Department has rpeortedly got hold of important documents of land, agriculture, bungalows and bank deposits and other transactions.