It, however, said the group has diversified business activities and provides services in areas such as mechanised house-keeping, landscaping and gardening, civil and electrical maintenance, fabrication services, turnkey solutions and logistic support, and other services required by government agencies and municipal corporations.
"The search and seizure action has led to unearthing of incriminating evidence regarding bogus claim of brought-forward losses of Rs 91 crore pursuant to a scheme of de-merger which is not found in accordance with the provisions of I-T Act," the statement said.
"Bogus expenses in the form of un-substantiated purchases to the tune of Rs 77 crore have also been detected so far and further verification is in progress," it said.
Evidence has also been found with in respect of cash expenses to the tune of Rs 20 crore, according to the statement.
"Further, unaccounted cash of Rs 60 lakh has been found. Several lockers have been found and put under restraint. Based on evidence unearthed so far, undisclosed income to the tune of Rs 180 crore, from assessment year 2016-17 onwards, has been detected," it said.
Search proceedings are still under progress, it said.
The searches were carried out on Wednesday at over two dozen locations linked to the business group in Pune, Mumbai, Nagpur, Delhi, Bengaluru and Noida.
BVG Group chairman and managing director Hanumant Gaikwad had on Wednesday said in a statement that income tax officials conducted routine searches at the premises of the company.
Gaikwad began with an NGO in the 1990s and launched the BVG in 1997 as a housekeeping company with one client and since then grew to employ 75,000, serving over 850 customers in 70 cities across 22 states.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.