Income Tax Department has conducted searches on a group which has been on their radar for having substantial undisclosed foreign assets. The searches led to the detection of undisclosed foreign assets of more than Rs. 1000 crore.
The operation conducted on 19th of this month covered 13 premises in the National Capital Region of the group. The search operation has so far resulted in seizure of unaccounted assets valued at around Rs. 25 crore. The group is a leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name, situated at various locations in India.
The Department said that evidence seized during the search reveals that a large amount of black money was stashed abroad by the group, through the mechanism of Trusts, formed in early 1990s in tax havens.
The investigation has successfully lifted the veil, leading to the detection of undisclosed foreign assets of over 1000 crore rupees apart from domestic tax evasion of more than Rs. 35 crore.
Foreign assets include investment in a Hotel in UK, immovable properties in UK and UAE and deposits with foreign banks