22 , March , 2022
During recent raids on Omaxe group, the income tax department has collected “evidence” that Omaxe group allegedly indulged in “unaccounted” cash transactions with customers and the transactions amounts over Rs 3,000 crores. As per a statement issued by the Central Board of Direct Taxes (CBDT), a raid was being conducted at the premises of a real estate group active in north India on March 14.
“The search action covered more than 45 premises in Delhi and NCR, Chandigarh, Ludhiana, Lucknow and Indore,” informed the tax department.
The CBDT further informed that “unaccounted” cash of Rs 25 crore and jewellery worth Rs 5 crore has been seized while 11 lockers have been put under restraint.
“A large number of incriminating evidences including hard copy documents and digital data have been seized during the search. The seized evidences contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years”, it said.
In fact the CBDT has also claimed that the key employees and various vertical heads of the group have accepted that there was generation of unaccounted income by taking ‘on-money’ (cash) “unaccounted” cash from its customers which have not been recorded in the regular books of account. So far, as a part of the evidence receipt of such on-money exceeding Rs 3,000 crore has been gathered.
When the evidences were further inspected and scrutinized, it was found that they contained particulars of investors from whom, the group has received “cash loans” amounting to Rs 450 crore.
