Speed Post News Network
New Delhi : The Income-Tax (I-T) Department carried out search and seizure operation on a group based in Eluru on January 28, 2021, at 21 different locations across Andhra Pradesh and Telangana. The group entities are engaged in Film Financing, Aqua Culture, Real estate, Distribution of Films, and Money Lending.
During the course of the search operation, handwritten books, agreements and loose sheets depicting undisclosed cash transactions were seized. The group is lending huge amounts in cash and collecting interest for the same in cash, which are undisclosed. It is also observed that certain entries totaling to Rs 13 crore were deleted from the cloud data, but recovered. A major suppression of income from distribution of films and running theatres has also been observed. The group is also accepting cash over and above the registration value in sale of plots, according to a PIB release.
Total assets worth Rs 17.68 crore which includes cash of Rs 14.26 crore, gold Jewellery, Bullion and Silver valued at Rs 3.42 crore have been seized so far. The highlight of the search action is the seizure of such huge amount of cash and gold in mofusil stations like Eluru and Rajamahendravaram. In total, the search has resulted in detection of incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from FY 2016-17 to FY 2019-20, taxable in the hands of both the transacted parties. Further investigations are in progress.