Bengaluru: Income Tax sleuths from Karnataka and Goa regions recently conducted search and seizure operations on multiple premises belonging to a leading mining group based in Goa. Undeclared transactions running up to more than Rs. 1,000 crore were detected.

The group also figured in the infamous Panama Papers, sources said. “The department conducted exhaustive pre-search enquiries to gather information on the assessee holding various undisclosed assets in foreign tax jurisdictions through a web of overseas concerns,” a source said.

Sources said the search and seizure operations, initiated on July 27 and concluded over the weekend, have established the complete cycle of diversion of export proceeds of iron ore of around Rs. 400 crore through bogus commission agents, apart from the accumulation of undeclared foreign assets exceeding Rs. 600 crore.