MUMBAI: The Income-tax department (IT) on February 25 raided the contractors, some of the contractors implementing the BMC's contract with a big man and his close associates. So far, raids have been carried out in more than 35 areas in Mumbai.
During the Income Tax Department's search operation, a number of documents, are digital evidence of fraud were found and confiscated. Evidence suggests a close relationship between the contractor and the person. The value of these 30 properties is estimated to be more than Rs 130 crore.
These assets include assets which taken in their name, in the name of their associates or anonymous. Evidence has also been found that they was involved in international transactions and sent illicitly earned money to some foreign jurisdictions. Leaflets and files detailing several crores of unaccounted cash receipts and payments have been found and confiscated. Which are not recorded in the regular books of the concerned department.
In the case of contractors, the confiscated documents reveal the procedures they have adopted to suppress taxable income to a large extent by increasing their costs. Preliminary investigations have revealed that these contractors have embezzled Rs 200 crore. During the search operation, unannounced cash of Rs. 2 crores and Jewellery worth Rs 1.5 crore have been collected.