<h1>Income Tax Dept Uncovers $100M Hidden Assets in India with Foreign Accounts and Bogus Transactions; Ongoing Investigation.</h1> The Income Tax Department conducted a search and seizure operation on September 30, 2021, across 37 locations in Maharashtra, Karnataka, and Uttar Pradesh. The targets, involved in various businesses including real estate and logistics, were found to have numerous unreported foreign bank accounts and properties. They used a Dubai-based financial service to establish a network of foreign companies and trusts in tax havens to conceal assets. The investigation revealed over $100 million in undisclosed funds, used for purchasing properties abroad and personal expenses. Evidence of bogus payments and hawala transactions was also found, with over Rs. 2 crore in cash and jewelry seized. Further investigations are ongoing.