Black money: After jewellers, I-T search on two steel, power companies

RAIPUR

: As Income Declaration Scheme is all set to close by the end of this month, income tax department has geared up to scoop out the black money across the state. After its searches on realtors and jewellers in the state capital, I-T department conducted raids on two steel and power companies in

Raigarh

district.

In search operation conducted on city-based jewelers-

Bhansali Group-it

disclosed 3.6 crore income to I-T sleuths on Thursday. While the investigation searches by I-T Department swung into action after the income tax department’s chief commissioner

KC Ghumaria

’s press conference on income declaration scheme about a week ago. He had said that black-money circulating state’s every sector, either through bogus or through ‘hawala’, are under income tax department’s radar.

Later, I-T department carried out two surveys in Raigarh district at power and steel companies including N R Ispat Pvt Ltd and Guru Shree Mineral. Sources said NR Ispat disclosed Rs 15 crore on account of ‘bogus share capital’ brought from Kolkata-based companies. Whereas, Guru Shree Mineral on account of ‘bogus share capital, penny stock , investment in residential house, undervaluation of flats construction and stock’ disclosed total Rs 25.50 crore of black money.

I-T sleuths of directorate of income tax (investigation), who launched massive search on three major land developers, including VIP Group, Parthivi Group and

Lalganga Group

on early Monday, said the process of evaluation of seized amount, lockers and documents is under process of screening. So far, VIP group has reportedly disclosed 22 crore of unaccounted cash and on the spot the total cash seizure of these three realtors was Rs 1.51 crore. The final evaluation of accounted and unaccounted money and the financial track of last eight years of each builder would be concluded in a day or two, the I-T sleuths said.