The Income Tax Department has seized “benami” property or “unaccounted” assets worth an estimated Rs 390 crore during searches at multiple locations linked to some business groups in Jalna district of Maharashtra for tax evasion.
The seized assets included Rs 56 crore in cash and 32 kilograms of gold, pearls and diamonds worth Rs 14 crore, officials said. The searches were done between August 1 and 8 at the residential and official premises of functionaries of the two groups engaged in steel, clothing and real estate business.
The searches also yielded property documents and digital data to be scrutinised for further action, a reason why the agency has not identified the business groups covered in the search operation.