New Delhi,  The Income Tax Department has said that it carried out a search operation on two major business firms engaged in the manufacturing of steel TMT bars in Maharashtra.

The search operation carried out on August 3 covered more than 30 premises spread over Jalna, Aurangabad, Nashik and Mumbai.

During the course of the search operation, several incriminating evidences were seized.

The search operation has resulted in seizure of unaccounted cash of Rs 56 crore, and bullion and jewellery worth Rs 14 crore.

"The initial analysis of seized evidences of both the firms has revealed that they were engaged in large-scale tax evasion, resorting to inflation of expenditure through bogus purchases from several entities. These entities have also been found to be involved in GST frauds. Evidence of excess stock of raw materials not recorded in the books of account, exceeding Rs 120 crore," an I-T official said on Thursday.

The official added that examination of evidences in one of the firms revealed that it had indulged in layering its unaccounted income through bogus unsecured loans and share premium obtained from Kolkata-based shell companies.

The search team also detected large number of lockers of both the firms opened in the names of employees of the companies, which were maintained with a co-operative bank.

"More than 30 bank lockers, including several lockers in the co-operative bank, were searched. Huge unaccounted cash and gold jewellery have been found and seized from these lockers," the official said.

The official added that substantial amount of unaccounted cash has been seized from a secret room located in the farmhouse belonging to one of the firms.