INSUBCONTINENT EXCLUSIVE:
The income tax department has raised the premises of Omaxe real estate groupNew Delhi: The income tax department has gathered "evidence"
that real estate group Omaxe allegedly indulged in "unaccounted" cash transactions with customers to the tune of over Rs 3,000 crore,
officials said on Tuesday.The Central Board of Direct Taxes (CBDT) issued a statement saying that it raided the premises of a leading real
estate group active in north India on March 14."The search action covered more than 45 premises in Delhi and NCR, Chandigarh, Ludhiana,
Lucknow and Indore," the statement issued by the policy-making body for the tax department said.Officials identified the searched group as
Omaxe. The Omaxe group could not be reached for comments."Unaccounted" cash of Rs 25 crore and jewellery worth Rs 5 crore has been seized
while 11 lockers have been put under restraint, CBDT said."A large number of incriminating evidences including hard copy documents and
digital data have been seized during the search
The seized evidences contain unaccounted 'on-money' cash receipt data of the group from various customers for more than 10 years," it
said. The key employees and business heads of various projects have stated the modus operandi of the group and have "admitted" that the
group has generated unaccounted income by accepting 'on-money' (cash) "unaccounted" cash from its customers which have not been recorded in
the regular books of account, the CBDT claimed."Evidence of receipt of such on-money exceeding Rs 3,000 crore has been gathered so far," it
said. The perusal of evidences found that they contain particulars of investors from whom, the group has received "cash loans" amounting
to Rs 450 crore, the statement alleged. Omaxe is one of the leading real estate developers of Delhi and the national capital region
It also has significant presence in similar products projects of Punjab, Haryana and Uttar Pradesh.
