Transactions Worth Rs 3,000 Crore Detected After Income Tax Department Raid On Omaxe Group

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.