The raids ended on October 31 and were carried out across India – in Amritsar, Jammu, Delhi, Ludhiana, Mumbai and parts of Haryana and Uttar Pradesh. The evidence seized also supports the fact that unrecorded cash was received by group managers against payment made for such purchases. According to a statement released by the Finance Ministry on Friday, there was also evidence that one of the people assessed was keeping a parallel ledger and there was a huge difference between the sales and purchases recorded in the two sets.
He added: “One of the groups is also engaged in unrecorded buying and selling of dried fruit. Surplus stock of Rs 40 crore was found. An analysis of the material seized and the evidence gathered reveals that one of the groups is also dealing with a benami … concern. In both groups, the claim for deduction under Section 80IB of the Income Tax Act 1961 was found to be non-genuine and is estimated at around Rs 30 crore. The search resulted in the seizure of unrecorded cash of Rs 63 lakh and jewelry of Rs 2 crore. Fourteen bank records were placed in receivership. The search action led to the detection of unrecorded income exceeding Rs 200 crore.
These two groups are engaged in the import of dried fruits and the trade and commerce of a wide variety of dried fruits such as almonds, walnuts, cashews, raisins and pistachios, among others. In addition to selling dried fruit to distributors and dealers, they also do huge business online under their respective brands.