Searches on ETA Star, Buhari groups continue

Though the officials say that several incriminating evidences have been seized during the raids, they are yet to quantify the undisclosed assets discovered. Sources in the Income Tax department said the raids were carried out at more than 40 locations in the city and documents related to cash transactions have been seized. No cash or gold has been declared during the raids yet. 

Income Tax department started their raids in these groups on Wednesday across the state after a survey carried out by the department reportedly revealed large scale tax evasion. Income Tax department sources said some foreign investments in the company were suspicious. The department is also looking at the investments made in ETA Star’s real estate sector in the country. 

Officials said the scrutiny of the seized documents would disclose the extent of tax evasion by these groups. The raids will continue on the coming days, they added. Income Tax department had been on an overdrive in the recent months following demonetisation. The department started action following reports about black money being converted to gold and properties by big players.