The income tax department on Thursday conducted raids on two real estate firms—Paras and Amrapali group—seizing over Rs 26.5 crore cash. The unaccounted cash could turn out to be higher as some lockers of the companies are yet to be opertated.
With search and survey operations conducted at 44 locations all across the country, it took Central Board of Direct Taxes (CBDT) about 240 tax officials to conduct the searches. The premises of both the companies in Delhi and NCR and three locations in Uttar Pradesh were searched, senior tax officials said.
While, income tax department sleuths recovered Rs 22.38 crore from residential premises of Paras, it recovered Rs 4.17 crore from the premises of Amrapali Group. The Amrapali group's seizure includes unaccounted Fixed Deposit Reciepts worth Rs 2 crore.
Paras group's 12 and 9 premises were searched by the tax department and Amrapali's 14 and 9 premises were raided.Paras group is mainly involved in dairy business but has also diversified in reality, retail and hospitals. The reality business is carried out by Pras Buildtech and the group's hospital business is managed by Pras Health Care.
Amrapali group is in the reality business with many residential projects under way.