Ranchi, July 18: The Income Tax Department’s Investigation Wing has reportedly unearthed evidence of more than ₹100 crore in undisclosed income during its ongoing survey at the premises of Panas Realtors and the Dayanand Modi Group in Ranchi.
The survey, which entered its third day on Friday, is being conducted at five locations linked to the two business groups.
Officials are examining financial records, property documents, and other materials suspected to be connected with unaccounted transactions.
As part of the investigation, Income Tax officials have also questioned several individuals who purchased plots from the groups. Buyers were asked to explain the source of funds used for their purchases.
According to sources, some purchasers admitted that substantial amounts were paid in cash, prompting the department to initiate further verification and action.
Investigators have reportedly recovered key documents during the operation.
Preliminary findings suggest that several land and plot transactions may have been executed without complete legal documentation, raising concerns over possible tax evasion and irregularities in property deals.
The survey, which began on Wednesday, covers the premises of Panas Realtors, including those linked to businessman Narayan Prasad Jalan, and the Dayanand Modi Group, including locations associated with Abhimanyu Modi, along with other related individuals.
Officials are continuing to scrutinise the seized records to determine the extent of undisclosed income and establish whether provisions of the Income Tax Act were violated.
The Income Tax Department has not yet issued an official statement on the findings, and the investigation remains ongoing.
