I-T Raids in Udaipur, Undisclosed Assets Worth RS 70 CR Found

The Income Tax Department's raid on the premises linked to real estate businessmen and their associates in Rajasthan's Udaipur city has revealed undisclosed assets worth Rs 70 crore.

The teams of the department, as per officials, have collected significant documents related to property from the homes and other places of the businessmen. Besides, undisclosed assets worth about Rs 70 crore have been found from the offices and houses of the three real estate companies and their associates.

The Income Tax Department officials, however, have not given details.

According to sources, 40 teams and more than 100 police personnel were engaged in action for the last four days. These teams conducted search operations at more than 40 locations linked to builders and other businessmen.

The locations of their associates were also raided. About 17 bank lockers were opened on the fourth day. Out of which, benami property worth Rs 70 crore has been recorded. This includes six kg gold, 90 kg silver and Rs 2.5 crore cash, said the sources.

Further investigation was on and details were awaited.