Around 250 IT officials were involved in the raids, which were conducted at the residence, warehouse and farmhouses of the two groups, whose businesses included dealing in real estate, steel, and clothing.
After the raids, it took officials about 11 hours to count the money seized, an officer was reported as saying by The Indian Express.
Apart from Jalna, the IT department also conducted raids at properties linked to the groups in Mumbai, Nashik, and Aurangabad from 3-9 August.
As per officials, the two businessmen had evaded taxes worth Rs 120 crore.
A press released by the department read, “The Income-Tax department carried out a search operation on 03.08.2022 on two major groups engaged in the manufacturing of steel TMT Bars. The search operation covered more than 30 premises spread over Jalna, Aurangabad, Nashik, and Mumbai. During the search operation, several incriminating evidence have been seized.”
It also said that the businessmen were involved in fraud related to Goods and Services Tax (GST).
