Ministry of Finance
Posted On: 18 FEB 2021
The Income Tax Department carried out search and seizure operation on a group based in Eluru on 28.01.2021 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, hand written 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.
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 mofussil stations like Eluru and Rajamahendravaram. In total, the search has resulted in detecting incriminating evidence relating to undisclosed financial transactions of Rs. 161 crore from F.Y 2016-17 to F.Y 2019-20, taxable in the hands of both the transacted parties.
Further investigations are in progress.