I-T search operations in Ahmedabad yield another Rs1.7 crore

With a metal company disclosing unaccounted assets of Rs1.70 crore on Thursday, the search and seizure operation by income tax department on three business groups has now touched Rs68.50 crore.

The promoters of city-based Pradip Overseas Limited had on Wednesday disclosed unaccounted assets of Rs61.80 crore during the search and seizure operation by director of income tax (investigation), while land dealer Rohit Thakore disclosed unaccounted assets worth Rs5 crore. Cash and jewellery worth Rs3.52 crore were also seized in the operation, which concluded on Wednesday.

The third group — BR Metals & Alloys — which is engaged in the business of metal & scrap, disclosure unaccounted assets worth Rs1.70 crore on Thursday in the operation by I-T sleuths, said sources.

Sources said that the group owners created fictitious companies to introduce unaccounted assets in group companies to enhance their capital. A similar strategy was also adopted by Pradip Overseas promoters, seized papers during the operation by IT officials have revealed. According to sources, cash of Rs54 lakh and jewellery worth Rs28 lakh were also seized during the operation on BR Metals, while seven bank lockers belonging to the owners were sealed.