I-T division assertion after raids on SP leaders says undisclosed earnings, property value crores have been discovered

As the Samajwadi Party chief and former Uttar Pradesh Chief Minister Akhilesh Yadav is crying foul over the tax raid on his three aides, Income Tax (IT) Department is known to have detected undisclosed belongings value tons of of crores of rupees, as per studies.
These belongings are within the type of undisclosed incomes, bogus loans, and investments in Benami properties.  
IT division on December 18 had raided the premises of secretary and nationwide spokesperson Rajeev Rai of the Samajwadi Party, RCL group promotor Manoj Yadav and Jainendra Yadav, a home employees turned OSD of Akhilesh Yadav, in suspected tax evasion instances.
The I-T division assertion has not named the Samajwadi Party leaders. However, Indian Express reported citing sources that the small print of the seizures are associated to the current raids on opposition leaders in Uttar Pradesh.
Unaccounted money seized from Bengaluru based mostly Trust
Rajeev Rai can also be the chairman of AVK Group of Institutions that runs a sequence of establishments in Bengaluru. He accused the BJP of utilizing investigating businesses to falsely implicate its rivals. Rai threatened to sue media homes for publishing and airing unverified information in opposition to him. He stated that the IT division recovered solely Rs 17600 money from his Mau residence and the overall seizure from relaxation if his premise was lower than Rs One Lakh.
दो दर्जन लॉकर सहित करोड़ों रूपये मिलने वाली फ़र्ज़ी खबर चलाने वालों पर मानहानि का मुक़दमा करूँगा,@TV9Bharatvarsh @Live_Hindustan @brajeshlive @yadavakhilesh @samajwadiparty pic.twitter.com/FYzVPqPBEW— Rajeev Rai (@RajeevRai) December 21, 2021
Referring IT division assertion, the media studies have stated that in searches in opposition to a Bengaluru-based Trust and its associated entities unaccounted money of Rs 1.12 crore was seized. Besides, there’s proof suggesting capitation charges of about Rs 10 crore was collected in money.
The division has stated that for the private advantage of the trustees, Rs 80 Lakh money was transferred to sure Kerala-based Trusts together with Markazu Saquafathi Sunniyya Trust and Markaz Knowledge City Trust. Both have hyperlinks with Gulf international locations.
In the assertion, the division stated it had carried out search and seizure operations on December 18 on numerous individuals and their enterprise entities, engaged within the enterprise of civil building and actual property and working instructional institutes in UP and Karnataka. The search and seizure operation was carried at 30 areas.  
Shell firms used to accommodate undisclosed belongings
IT division additionally carried search and seizure in opposition to a Kolkata-based entry operator who fashioned numerous shell firms to accommodate entries of bogus share capital of Rs 408 crore moreover bogus unsecured mortgage of Rs 154 crore.
The tax division stated a number of entities engaged in civil building had been discovered to be concerned in claiming bogus expenditure working into crores of rupees. IT gathered proof in type of clean invoice books, stamps signed cheque books of bogus suppliers moreover digital knowledge, the IE report added.
“In the case of one company, the undisclosed income of over Rs 86 crore of the directors of the company has been detected. Out of it, the person concerned has admitted a sum of Rs 68 crore as his undisclosed income and offered to pay tax thereon,” it stated.
IT has stated that undisclosed belongings, earnings, and funding had been routed and accommodated by way of numerous shell firms. During search and seizure, IT sleuths stumbled upon an unexplained funding value Rs 12 crore.
“In case of another person, unexplained investment of Rs 11 crore in a shell company and investments in benami properties worth Rs 3.5 crore have been identified,” the IT assertion reads.