The sleuths of Income Tax department conducted raids at several addresses of Mahindra Group in the state capital and exposed the business of exchanging and disposing of black money.
During the raids, officials of IT department have recovered exchange forms and identity cards in large numbers. Moreover, documents revealing information about properties to the tune of around Rs 93 crore amassed by Mahindra group were also recovered during the raid.
According to officials, following a tip-off that illegal activities of exchanging demonetised notes are ongoing in the state capital, a team of IT department has simultaneously carried out raids at different addresses of Mahindra Group which include Mahindra Travels, Mahindra Hotel, Satlaj Mahindra, Jeevan Mahindra and their farmhouse.
Sleuths seized exchange forms and around 750 identity cards, said officials. With the number of cards around Rs 30 lakh can be exchanged, they added.
Besides, documents revealing information about properties to the tune of around Rs 93 crore amassed by the group were also seized by the department, added officials.
The department is investigating the involvement of banks in this connection because without their involvement such exchange will not be possible, said officials.
A letter seeking their stand has been sent to all the banks and further informed that investigation in this connection is underway.