Kochi: The Kochi Income Tax (IT) office, which raided the homes and offices of Malayalam superstars Mammootty and Mohanlal and their close associates last month, have found that the undisclosed incomes of both the actors together come to about Rs.30 crore.
E.T. Lukose, director general of Income Tax (investigation), said in a statement that after the searches were concluded in these two cases, a preliminary post-search inquiry has been initiated.
"The undisclosed income earned is found to be invested in real estate and assets abroad. Total seizure of cash and jewellery amounts to Rs.2.8 crore in these two cases. Inquiries so far have indicated undisclosed assets worth approximately Rs.30 crore," Lukose said in the release.
The release also said that inquiries with banks in the country and abroad are being conducted. Investments in immovable/movable properties made in foreign countries are also being investigated through appropriate channels.
Undisclosed cash deposits in bank accounts are being tabulated.
Last month, IT officials raided the homes and offices of Mohanlal and Mammootty across four South Indian cities. The officials also raided the homes of their close associates.
From the Kochi home of Mohanlal, a pair of elephant tusks was recovered.
"One of the cine actors has a huge collection of valuable antiques and priceless paintings which have been referred to experts for valuation," said Lukose.
"Post-search inquiries are in progress. A report containing findings of the inquiries and quantum of undisclosed income estimated will be prepared by the investigation wing within two months. Further assessment proceedings will be initiated and the limitation for completion is Dec 31 this year," added the official.