The Income Tax Department has raided 15 locations of a business group in Jammu Kashmir, of these 14 bases were built in Srinagar and one in Delhi.
The Business group associated with real, hotel industry, handicrafts, carpet trading.
According to the Central Board of Direct Taxation (CBDT), in this raid conducted on Thursday, 1 crore 82 lakh cash and 74 lakh rupees were recovered.
The department said that investment documents worth Rs 105 crore were also received from the business group. No account was available for these investments.
The CBDT, without naming the business group, said that the group has a 75 thousand sq ft shopping mall in Srinagar, This land was purchased by misusing the ‘Roshni Act’.
During the raid, 25 crore rupees were also spent in the construction of this mall. From where this money was raised, no account was found anywhere.
They said that the Business group is running residential tower and school and is also constructing 6 residential towers in Srinagar.
Out of these, 50 flats in 2 towers have been completed.
The primary Investigation revealed that the business group had hired an engineering consultant firm to evaluate its assets, the department has said.
The firm evaluated the group’s assets nearly 100 times, This assessment was done in such a way that it can get maximum loan from J&K Bank.
After this, all this loan was defaulted under the conspiracy. But there was no mention of these valuations in the returns of that firm.