The Central Direct Tax Board(CDTB) on Wednesday detected tax evasion of Rs 700 crores after a recent raid in the premises of two real estate dealers based in Hyderabad. The department raided the group`s locations in Yadagirigutta and seized cash amounting to Rs 11.88 crores and ornaments worth 1.93 crores; both the groups were involved in the purchase of plots and apartments construction.

"During the raid, several documents, handwritten books and agreements were seized, which revealed unaccounted transactions. Investigations revealed that these groups used to do most of the transactions in cash and unaccounted cash was used to buy land and other business expenses. In the last six years, tax evasion of Rs 700 crore has been detected by these groups. Data from special software apps and electronic devices have also been recovered during the raids," the board informed by issuing a statement.

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