Income Tax department has claimed to have detected tax evasion to the tune of more than Rs 100 crore (Rs 1 billion) by a leading real estate company promoted by Zee Group, searched by the taxmen recently.

The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said.

According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.

Suncity officials did not comment so far.

The searches were carried out in the offices of the groups along with the residences of the promoters in Delhi, Mumbai, Himachal Pradesh, Haryana and Punjab.

Residences of industrialists Lakshmi Goel and Jawahar Goel were also searched.

Suncity Projects had announced plans to invest about Rs 6,000 crore (Rs 60 billion) over the next four years to set up special economic zones and townships across the country.

The company has formal approvals for an Information Technology SEZ in Haryana and two in- principle approvals for multi-product SEZs in Haryana and Rajasthan.

The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships.