The Income Tax department conducted raids in as many as 25 locations in Delhi and National Capital Region in relation to tax evasion inquest into the Panama Papers leak cases.
The IT raid team shortlisted three of the many business groups, which are focused on metals and food services, financial services and tires.
The raid helped recover Rs. 4 crore cash and jewelery along with numerous documents, computer hard discs and CDs from different regions in Delhi, Ghaziabad, and Faridabad.
The details of the searched victims had featured in the Panama Papers and later it was found that these entities were earning much more than their documented turnover and income.
The Central Board of Direct Taxes (CBDT), responsible for framing the policies of the I-T department, had recently stated that the probe into the Panama Papers leak cases had led to the identification of a huge undisclosed wealth of Rs. 792 crore and they are still searching for more.
A CBDT representative noted: “The Income Tax department conducted inquiries in all the 426 cases among other things by making 395 references to 28 foreign jurisdictions”
It further added: "Based on an analysis of the information obtained and the investigation conducted regarding the same, the outcome so far indicates 147 actionable cases and 279 non-actionable cases."
Reportedly, the Panama Papers consisted details of 426 Indians or Person with Indian Origin.