The Income Tax Department on Friday confirmed that it carried out search and seizure operations on June 29 on a group engaged in the business of manufacturing and distribution of pharmaceutical medicines and real estate development.
The raids were conducted at 25 premises in Delhi-NCR and Haryana.
The I-T officials said that a large number of incriminating documents in the form of loose sheets and digital data were seized which revealed that the group was involved in huge unaccounted sales of pharmaceutical medicines in cash.
Large amounts of purchases, payments of wages and other expenses made in cash were also found.
"This modus-operandi of unaccounted cash sales of pharmaceutical medicines, including cash receipts through hawala for sale of medicines to Afghanistan, has been admitted by a key person involved in such transactions. The preliminary analysis of the seized data indicates that such hawala cash receipts amount to Rs 25 crore. In the case of one pharmaceutical concern dealing in Active Pharmaceutical Ingredients (API), surplus stock valued at Rs 94 crore has been found," said the I-T official.
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The official said that the cash generated through unaccounted cash sales was invested in the purchase of immovable properties, and in expansion of manufacturing facilities of pharmaceutical medicines. The real estate entities of the group were found to be engaged in out-of-books sale and purchase of properties in cash.
The group has also been booking bogus Long Term, Short Term Capital Losses in the securities market to offset the capital gains earned on such property transactions.
"The amount of such bogus losses is estimated to be around Rs 20 crore. The search action has revealed that the group has also floated benami entities to purchase immovable properties in the state of Himachal Pradesh," the official said.
So far, unaccounted cash of Rs 4.2 crore and jewellery, bullion worth Rs 4 crore have been seized.
Further investigations in the matter is on.
