The income tax department has gathered “evidence” that real estate group Omaxe has allegedly engaged in “unaccounted for” cash transactions with customers in the amount of more than Rs 3,000 crore, officials said Tuesday.
The Central Board of Direct Taxes (CBDT) issued a statement saying it raided the premises of a leading real estate group operating in Northern India on March 14.
“The search involved more than 45 buildings in Delhi and NCR, Chandigarh, Ludhiana, Lucknow and Indore,” the tax authority’s statement said.
Officials identified the wanted group as Omaxe. The Omaxe group could not be reached for comment.
“Unaccounted for” cash of Rs 25 crore and jewelry worth Rs 5 crore have been seized, while 11 lockers have been locked up, CBDT said.
“During the search, a large amount of incriminating evidence, including paper records and digital records, was seized. The seized evidence contained unaccounted for ‘money’ data from the group of various clients for more than 10 years,” it said.
Key employees and business leaders of several projects have declared the group’s modus operandi and have “admitted” that the group has generated undue revenue by accepting “on-money” (cash) “unaccounted” cash from its customers. that have not been received in regular accounts, the CBDT claimed.
“Evidence of receipt of such on-money of more than Rs 3,000 crore has been collected so far,” it said. The examination of the evidence revealed that they contain details of investors from whom the group has received “cash loans” amounting to Rs 450 crore, the statement claimed.
Omaxe is one of the leading real estate developers of Delhi and the national capital. It also has a significant presence in projects with similar products from Punjab, Haryana and Uttar Pradesh.