The Income Tax Department conducted search and seizure operation on a prominent group involved in Real Estate Development covering over 40 premises across Mumbai and Pune.

In a statement, the IT department said, during the course of search operations, it unearthed evidences related to several sham transactions to evade income aggregating to about 700 crore rupees. It also led to the detection of jewellery worth 14 crore rupees.

The department said, the investigation and search action is still in progress.