Real-estate sector leads in black money, finds FinMin

The investigation department of the ministry of finance has unearthed black money to the tune of over Rs 4,500 crore during the last financial year, with the quantum of such unaccounted money highest in the real estate sector at around Rs 2,000 crore.

This was followed by the manufacturing sector, which saw a growth of 215.15 per cent in black money during 2008-09, a source from the intelligence department of the ministry told The Indian Express.

The source said the investigation directorate, which constantly keeps track of the growth of black money in different sectors and accordingly shifts its focus, conducted the highest number of search operations — 123 — in the real estate sector. It also conducted searches in sectors like manufacturing (79), jewellery (33), professional, financial, and education.