I-T dept conducts searches against Lucknow-based businessman, linked groups; Rs 8 Cr seized

The income-tax department seized about Rs 8 crore in cash on Wednesday after it conducted multi-city searches against several companies linked to a Lucknow-based businessman and his associates on charges of tax evasion, official sources said.

About 50 premises in Lucknow, Mumbai, Kolkata and Delhi-NCR were raided, they said.

Cash amounting to about Rs 8 crore has been seized till now from various premises that were searched, the sources added.

A number of real estate firms that allegedly acted as ''fronts'' for the businessman and his financial transactions are being searched by the tax authorities, apart from some ''entry operators (hawala dealers) and linked entities'', one of the sources said.

The political links of the businessman in Uttar Pradesh are also under the scanner, according to the sources.