A leading garment businessman in Amravati, whose premises were raided by the Income-Tax department recently, has disclosed unaccounted wealth to the tune of Rs 1.46 crore. 
 
This includes investment in real estate and concealed income in the form of interest and rent. 
 
During the raids, excess stock of sarees worth Rs 1.05 crore were unearthed. The firms involved in the operation included Nanda Saree Centre, Nanda Textiles and Prakash Sarees. 
 
The raids, carried out in 13 premises during which six bank lockers were sealed, were one of the biggest search and seizure operations in Amravati. The department also covered three other premises under a separate survey operation. 
 
The business group is alleged to have have indulged in large-scale unaccounted transactions in sarees. Huge amount was invested in real estate using concealed wealth, said Income-Tax department. 
 
The operation also resulted in the seizure of several incriminating documents pertaining to unaccounted dealings in sarees, money lending, investment in property, rent receipts and expenses on household items. Documents also revealed huge spendings on marriage ceremonies, the department said. 
 
Survey operations were also carried out at the groups business associates premises in Surat, Mumbai and Hyderabad. 
 
In Surat, Rs 50 lakh illegal deals were uncovered and in Mumbai, an agent working for the group, admitted to have arranged bogus entries of purchases. This helped in bringing down the profit figure, thus reducing the tax liability, the department said. 
 
The firms are among Amravatis leading wholesale traders for sarees and have a number of showrooms. They stock all leading brands and also have a massive retail network. Nanda Sarees and Nanda Textiles are into business since three decades.