By Express News Service
HYDERABAD: The Income Tax Department carried out a search and seizure operation on a group based in Eluru which has operations in both Andhra Pradesh and Telangana. The searches took place on January 28, 2021 at 21 different locations in both states led to the seizure of 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. The group entities are engaged in film financing, aqua culture, real estate, distribution of films and money-lending.
The highlight of the search action was the seizure of such huge amounts of cash and gold in Eluru and Rajamahendravaram. The search unveiled incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from 2016-17 to 2019-20 financial years, taxable in the hands of both the transacted parties.
Hand-written books, agreements and loose sheets depicting undisclosed cash transactions were seized. Investigations revealed that 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 amounting to Rs 13 crore were deleted from the cloud storage data, but were later 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.