Srinagar: Continuing its crackdown on terror funding in Jammu and Kashmir, the Income Tax department on March 15 conducted searches at five locations in the Kashmir Valley along with a few places in Jammu.
According to sources, undisclosed cash worth Rs 1.44 crore and unaccounted jewellery worth Rs. 2.48 crore was seized during the searches.
The documentary evidence collected and examined so far shows undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir Valley and concealed financial transactions of nearly Rs 17 crore.
Providing details about the raids, a source said, “One operation was against a prominent trader who apparently used proxies to conduct large cross-LOC transactions in the past six years. Large amounts of profit earned by him were diverted to suspect elements in the Valley.”
A large number of hard disks have also been seized according to I-T department officials that prima facie corroborate the evidence found in the seized documents.
A senior official said, “The analysis of the documents and hard disks is likely to lead to the identification of third parties that have indulged in property and financial transactions that have been deliberately concealed from the tax authorities.”
Central Board of Direct Taxes officials said that these operations significantly “send a message of deterrence to those intending to vitiate the democratic process of free and fair elections.”