The Income Tax department searched at least 25 locations in Delhi and the National Capital Region on Tuesday, as part of its investigation into alleged tax evasion cases mentioned in the Panama Papers leak, PTI reported.
The department searched three business groups named in the leak, in Delhi, Ghaziabad and Faridabad. The teams recovered Rs 4 crore in cash and jewellery, the report said. A number of other documents, computer hard discs and CDs were also seized.
Investigating officials said the names and links of the business groups were in the Panama Papers. They said the groups were “highly suppressing” their actual turnover and income, PTI reported.
Earlier in November, the Central Board of Direct Taxes said the Panama probe revealed undisclosed wealth of Rs 792 crore.
The Panama Papers leak
In April 2016, millions of documents were leaked from the database of a Panama-based law firm – Mossack Fonseca – that revealed the hidden offshore wealth of some of the world’s top leaders and celebrities. The list had included 500 Indians.
The Centre had formed a Multi-Agency Group to investigate the allegations.
The Panama Papers were investigated by The Indian Express as part of the International Consortium of Investigative Journalists. On September 8, 2017, the I-T Department filed the first batch of at least five prosecutions against people named in the leak, The Indian Express reported.