A search and seizure operation by the Investigation Directorate of the Income Tax Department on a group of persons associated with granite, real estate, sugar and distillery business yielded Rs.35 crore in cash and promissory notes worth Rs.4 crore here on May 11. An official release issued on Monday stated that the amount of Rs.35.66 crore was found neatly packed in cartons.

Each carton contained Rs.1 crore in denominations of Rs.500 and Rs.1,000. The search also led to the seizure of several documents, which the department termed “incriminating”.

At the end of the two-day operation, one of the assessees was unable to explain the source of the huge sum.

Therefore, it was treated as unaccounted income. Further investigations are on.

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