New Delhi: The Income Tax (I-T) Department has conducted raids on a Hyderabad-based businessman Dinesh Alla, who is the CMD of Alphageo (India) Limited, sources said.
Alphageo is a Hyderabad-based company engaged in providing seismic survey services to the oil exploration and production sector.
Eight premises in Hyderabad were covered in the raids held on July 24.
The assessee group indulged in large scale over-invoicing of imports through a Dubai-based operator Rajiv Saxena, an accused in the VVIP chopper scam.
"The surplus funds thus generated amounting to USD 6 million were parked in Dubai based accounts of the said operator," read a Central Board of Direct Taxes (CBDT) release.
During the search, incriminating evidence including e-mail and mobile conversations were found between the main director of the searched company and the Dubai-based operator, pertaining to over-invoicing of imports. When confronted, the persons concerned admitted to over-invoicing.
"Further, the search action led to the detection of at least four additional undisclosed foreign bank accounts in UBS bank Switzerland, OCBC Bank Singapore, Citizens Bank, USA and Bank of Nevis International, St Kitts," read the release.
Three undisclosed companies of the Hyderabad-based promoter in tax havens - British Virgin Islands, Island of Nevis and Singapore - were also detected.
"Unexplained cash of Rs. 45 lakh found during the search has been seized. Jewellery worth Rs. 3.1 crore was also found, which is in the process of being verified," said the release.
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