The Income Tax (I-T) Department on Wednesday conducted searches in Delhi's Punjabi Bagh area and busted a racket of cricket betting and hawala operations and seized jewellery worth Rs 1.8 crore, undisclosed cash Rs 95 lakh and foreign currencies worth Rs 14 lakh.
The accused has been identified as Sanjay Jain, resident from Punjabi Bagh. The State Excise Department and police have been informed by the I-T Department. Police have registered a case in this regard. Look out circular (LOC) has been issued against the accused, sources said.
"We had conducted raids on a group involved in cricket betting and hawala dealings in Punjabi Bagh area. The searches led to the seizure of unaccounted cash of Rs 95 lakh, jewellery worth Rs 1.8 crore and foreign currency of Rs 14 lakh," said the I-T Department.
"Expensive wrist watches amounting to Rs 50 lakh were also seized. The documents found during the raids also revealed that the accused have several undisclosed foreign bank accounts in the British Virgin Islands (BVI) and Dubai," an official statement reads.
I-T Department also confirmed that the accused has an undisclosed property in London. Incriminating documents, showing acceptance of cash loans and disputed properties worth Rs 100 crore, were seized.
Around 180 bottles of foreign brands and Indian Made Foreign Liquor (IMFL) were recovered from the possession of the accused. His four cars, two houses in Punjabi Bagh area and one farmhouse in Bijwasan have been attached under Section 132 (9B) (power to attach) of the I-T Act.