Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
The I-T Department has estimated a figure of Rs 13 crore (Rs 130 million) from raids carried out against Neptune and Prime Builders on April 20.
However, further scrutiny of the documents has apparently taken the worth of the unaccounted assets to Rs 30 crore (Rs 300 million), with each of the two firms having an equal share, the sources said.
The massive search operation, involving 200 officers and staff and covering more than 30 offices and residence, lasted over two days.
According to senior I-T Department officers, seizures have been made to the tune of Rs 60 lakhs (Rs 6 million) in cash and Rs 50 lakhs (Rs 5 million) in jewellery from the two builders alone.
I-T officials have allegedly come across certain property that were not shown on the record books. About 12 bank lockers belonging to the two builders have also been sealed, the contents of which will be assessed later.
The Rs 30 crore discovered during the raids is believed to have been accumulated over a six-year period, and aquired in the form of on-money (initial cash payments made by clients during the booking of commercial spaces in malls).
Officials said the on-money receipts were not reflected in the accounts books and either remained as cash, were converted into jewellery or were recycled into the business.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
© 2025 Rediff.com -