I-T search on K'taka biz group detects Rs 100 cr black money
Friday - October 11, 2019 8:42 pm , Category : BUSINESS
New Delhi, Oct 11 (IANS) The Income Tax (I-T) Department has unearthed a cash for medical seat racket involving a prominent Karnataka business group and has detected undisclosed income of Rs 100 crore.Evidences of undisclosed investments in real estate have also been found.In search operations on the business house, the tax department has found link of hawala transactions. It has seized unaccounted cash of Rs 4.22 crore including Rs 89 lakh in the house of main trustee.The authorities have got evidence of multiple agents involved in the racket for selling MBBS and PG seats violating the rules."Incriminating evidence has been found in the search, substantiating conversion of seats, commission payments to brokers and sale of seats in exchange of receipt of cash," a tax department statement said.The tax department has found that cash deposits were made in the accounts of certain employees and their families and then diverted for servicing loans taken by the trustees."Evidence has further brought to light the fact that trustees have opened bank accounts in the names of their employees to deposit some of the capitation fees received in cash," the press release said.