Maharashtra: Income Tax officials find Rs 26 crore 'unaccounted' cash after raids at Nashik-based jewellery company

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The officials of the Income Tax Department has seized about Rs 26 crore "unaccounted" cash following raids carried out at a jewellery company based in Maharashtra's Nashik, official sources said Sunday, reported the PTI.

The searches were launched following inputs regarding alleged tax evasion by the jewellery company and its promoters, the sources said.

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About Rs 26 crore in cash has been seized till now during the searches, they said, adding that some "incriminating" documents related to alleged undisclosed investments have also been found by the search teams and are being scrutinised, according to the PTI.

In a similar action, the department had seized Rs 57 crore in cash during raids at an Agra-based (Uttar Pradesh) shoe trader and some linked entities last week.

ED raids minister's staff; recovers Rs 25-cr cash

In an another incident earlier this month, the Enforcement Directorate (ED) had recovered an estimated Rs 25 crore "unaccounted" cash and several official documents during searches on the premises of a domestic help of a secretary of Jharkhand minister Alamgir Alam, official sources had said, the PTI had reported.

A cache of more than Rs 3 crore cash was separately seized by the central agency from some other premises being searched in the state as part of a money laundering investigation linked to the state rural development department, the sources had earlier said.

The ED has been probing this case since last year and has arrested a former chief engineer of the state rural development department.

Videos and photos shared by the sources showed officials of the agency emptying wads of currency notes from large bags in a 2BHK flat located at Gadikhana Chowk.

As many as eight note-counting machines were deployed by the agency apart from bank staff to ascertain the exact amount of currency that was majorly in the Rs 500 denomination. Personnel of central paramilitary forces stood guard at the building where the flat is located.

Alamgir Alam was arrested by the ED later and was remanded to the custody of the central agency by a special PMLA court in Ranchi. Alam was arrested in connection with its probe into a money laundering case, officials had earlier said.

(with PTI inputs)