The income tax department has conducted raids in 29 locations in Assam against medical practitioners and their involvement in disproportionate asset case.
The search was carried in Guwahati, Nalbari and Dibrugarh in Assam during which unexplained investment, receipts and expenses exceeding Rs 100 crore have been unearthed, officials said
The main allegations against the groups were that they had grossly understated their medical receipts both in their individual capacities and the turnovers in their hospitals/nursing homes, diagnostic centres and pharmaceutical businesses.
According to sources, these medical practitioners engaged in out-of-book transactions. Many documents and cash receipt slips were found which highlight the hugely suppressed turnover in the case of medical professionals and their hospitals/clinics.
The quantum of suppressed turnover detected in few cases appeared to be over Rs 50-60 crore.
Further, the net profit shown in the medical/pharma business was also extremely low.
Income tax officials seized cash worth Rs 7.54 crores from various residential and business premises of medical professionals and their allied business, with an amount of Rs 1.76 crores cash seized from a town in Nalbari district.
The officials also seized papers of land/immovable assets purchased in cash and handwritten notes/diaries of investments made in immovable assets amounting to Rs. 20 crores.
The cash generated was found to be diverted in the building of new hospitals, reconstruction of nursing homes and acquisition of undisclosed assets.
Huge amounts of kachha cash receipts and transactions were made outside the regular books of accounts.
Further, daily receipts were found to be digitally maintained in excel/hard disk at medical clinics that had not been recorded in the books of accounts.
In the case of one medical practitioner, the annual receipts were approximately Rs 15-20 crore, while in the audited books, he had shown the gross receipt of around Rs.5 crore only.
Investigations into the issue are in progress, officials said.