The Income Tax department has detected unaccounted wealth worth Rs 4 crore in a search and survey operation conducted at an oil company. "We have seized Rs 1.9 crore cash,Fixed Deposit receipts of Rs 2.74 crore,jewellery worth Rs 11.78 lakh and 33 bank lockers from the offices and residence of proprietors of K S Oils Limited during search and survey operation that began on March 11 and concluded late last night," Director General (Investigations) Brajesh Kumar Gupta said. The IT authorities have also seized large number of documents which are being scrutinised to find tax evasion if any,he said. The bank lockers which were sealed by the department will be opened soon,he said. Irregularities were also found in investments made by the group in the name of persons related/associated with it as a number of them denied having made those investments. "The raids have yielded cash and documents as expected by our team and also found details of huge investments made by acquiring land in Indonesia and Malaysia," he said. The search and survey operation against the group began simultaneously at 63 places spread in nine states,according to the IT department sources.
