I-T dept searches premises of contractors, trader in poll-bound Bihar; Rs 2.40 cr in cash, bullion seized

Officials of the Income Tax have carried out searches in the premises of two government contractors and a silk trader in poll-bound Bihar after receiving information about a large amount of unaccounted cash being generated and used for various purposes, according to an official release.

The raids were carried out in Purnea, Katihar and Saharasa and Bhagalpur on Monday. It resulted in the seizure of unaccounted cash, fixed deposits and bullion of more than Rs 2.40 crore, official sources said.

They said the contractors were making bogus claims of labour, transportation and fuel expenses not supported by any document and withdrawing cash from the bank accounts of fictitious parties.
Incriminating documents including signed blank cheques have been seized during the searches, the sources said.

Evidence indicating suppression of income of about Rs 10 crore, along with documents showing large unaccounted investments in immovable properties have been found and seized. These properties are in the process of being valued and attached, the officials said.

Further investigations into the case are in progress, they added.