I-T sleuths find  Rs 700 cr tax fraud by realty firms

HYDERABAD: The Income Tax department seized unaccounted cash of Rs 11.88 crore and gold jewellery valued at Rs 1.93 crore during searches carried out on two real estate developers engaged in transactions in and around Yadagirigutta. The search has also resulted in the detection of incriminating evidence relating to unaccounted cash receipts to the tune of Rs 700 crore for the last six years. 

The accused are into plot ventures and construction of apartments, an official release stated.During the search operations, many incriminating documents, handwritten books and agreements indicating unaccounted cash transactions were also seized.  Also, data was recovered from a specialised software application as well as from other electronic gadgets.  The groups were found to be accepting cash over and above the registered value, which they used for purchase of land and for other incidental business expenditure.