New Delhi [India], Oct 20 (ANI): Income Tax Department had on Friday conducted searches at the premises of a prominent business group in Hyderabad and seized unaccounted assets of Rs 17.4 crore."Income Tax Department conducted Search and Survey action on a prominent business group having interest in infrastructure, irrigation, hydrocarbons and power sectors. More than 30 premises were covered in Hyderabad, NCR and Mumbai," an official release from Central Board of Direct Taxes (CBDT) said.The agency found evidence of illegal payments through hawala channels running into hundreds of crores."Evidence of large-scale bogus expenses, over-invoicing of purchase and sub- contract expenses have been found and seized. The group also indulged in out of books transactions and manipulation of books to suppress its taxable profits," read the release. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)