<h1>Income Tax Department Uncovers Rs. 250 Crore Unaccounted Income in Kolkata Real Estate Probe; Shell Companies Involved.</h1> The Income Tax Department conducted a search and seizure operation on August 18, 2022, targeting two major real estate groups in Kolkata. The operation uncovered substantial incriminating evidence, including documents and digital data, revealing off-the-books cash transactions and unaccounted money routed through shell companies. Evidence also indicated the use of unaccounted funds for land acquisition. Key individuals admitted to using shell companies to infuse unaccounted funds as share capital, share premium, and unsecured loans through bogus investments. The operation detected over Rs. 250 crore in unaccounted income, and 16 bank lockers were restrained. Further investigations are ongoing.