Income tax department conducts raids on Omaxe properties; unaccounted cash worth Rs 25 crores seized

The Investigation Department of the Income Tax Department has seized unaccounted cash of Rs 25 crore from the properties of real estate player Omaxe Group. 

Apart from this, a cash amount of over Rs 3,000 crores was received by Omaxe which the company did not show in its account. The department has also seized 11 bank lockers of the builder. Last week too, an income tax raid was conducted on Omaxe builder.

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According to the department's investigation, the company was taking money from investors in cash for the last 10 years. This amount is more than 3,000 crores.

Income tax raids were conducted on the premises of Omaxe Builder for the third consecutive day on 16 March. About 250 Income Tax officials took this action at 38 locations. Raids were conducted at 20 places in Delhi-NCR. In this action, Rs 12 crore was recovered from the builder's office at Kalkaji.

The Income Tax Department team has also recovered a soft copy of the property worth 200 crores.