Cloud storage reveals city firm’s Rs 400 cr unaccounted income, says I-T department

Sources said that the I-T officials have discovered the hidden cloud servers, often referred by the group as “kaccha” accounts, other than the servers regularly used by the Jain Metal Group for accounting. These contained details of unaccounted transaction.

After the raid, officials alsomanaged to retrieve a large volume of encrypted data from a pen drivewhich was traced to the property of a third party.

“The pen drive and the database were decrypted to gather information about the unaccounted capital accumulated by the group. Evidences were also gathered for the introduction of unaccounted funds as bogus share premium in one of the group companies” said I-T sources.

During the raid on February 25, a number of property documents, promissory notes, and post-dated cheques taken as collateral in the money lending business were also seized.

“Rs 1 crore in cash was seizedand an unaccounted income exceeding Rs 400 crore has also been detected,” said an official. Furtherinvestigation is on.

The Jain Metal Group, engaged in several businesses such as plastic manufacture and financing activities, is said to have a turnover of more than Rs 1,000 crore.