IT raid in Jharkhand: ₹10 cr jewellery seized from Baba group, ₹25 cr gap in property valuation
Ranchi, Feb 1: The Income Tax Department has seized jewellery worth ₹10 crore during raids at premises linked to the Baba Group.…
Ranchi, Feb 1: The Income Tax Department has seized jewellery worth ₹10 crore during raids at premises linked to the Baba Group. The amount of seized cash has also increased to ₹5 crore. Additionally, a discrepancy of ₹25 crore has been found between the property values declared by the Baba Group and their actual market value.
The raid, which began on January 29, continued for the fourth consecutive day. The valuation of the Baba Group’s properties is still underway.
₹5 Crore Cash Seized After Verification
According to officials, after verifying the sources of cash found during the raid, ₹4.50 crore was seized on the third day. An additional ₹50 lakh was seized on the fourth day, taking the total seized cash to ₹5 crore.
Jewellery Valuation Completed
After completing the valuation of the jewellery recovered during the raid, the department conducted questioning and scrutiny. As per rules, jewellery within the permissible limit per woman was released. After this process, jewellery worth ₹10 crore was officially seized.
Undervaluation of Properties Detected
The Income Tax Department has initiated the valuation of 10 properties belonging to the Baba Group, which is still in progress. Preliminary findings reveal that the group undervalued its properties in the books of accounts.
Five-Fold Difference in Actual and Declared Value
Sources stated that the investigation has revealed a nearly five-fold difference between the actual market value of the properties and the value declared on paper. So far, this difference amounts to ₹25 crore. Examination of purchase, sale, and transaction details identified through the forensic accounting system is also ongoing. The raid is likely to continue until tomorrow.
