Kanpur: Income tax officials have unearthed tax evasion to the tune of Rs 300 crore after raids at a local jewellery firm and a city-based realtor in Uttar Pradesh’s Kanpur, said sources on Wednesday.
The raids also detected bogus purchases worth Rs 1,200 crore and bogus sales of Rs 500 crore, said officials.
Around 300 I-T officials conducted the raid, which went on for six days.
The development comes after several heavy transactions made by the accused were flagged by the I-T department’s Artificial Intelligence system.
Notably, the sophisticated AI tools with the I-T department flags high-value suspicious transactions. The department has acquired this software recently.
The jewellery firm and the realtor have been found to be making super heavy transactions in cash, which the AI system red-flagged.
The transactions in question were flagged about seven months ago and since then, transactions made by the accused were being tracked. Later, when the currency bills of Rs 2,000 were stopped from circulation, the I-T department found more clues relating to their illegal transactions, said sources.
It has also emerged that the two companies had a close working relationship. The jewellery firm invested heavily in the real estate business. The investments were made in the name of employees.
Even I-T returns worth crores were filed in their names. The jewellery firm took prime properties of eminent people of Kanpur and beyond, developed and sold them at premium prices, said officials.(IANS)
