Chennai, Sep 25 : The Income Tax (IT) Department has detected Rs.300 crore of undisclosed income and seized Rs.9 crore unaccounted cash during it search and seizure operation on two private syndicate financing groups here. The IT officials carried out their search and seizure operation at 35 premises on 23.9.2021. According to IT Department, the searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore. Unaccounted cash of Rs. 9 crore has been seized so far. The evidence found in the premises of the financiers and their associates revealed that these groups have lent to various big corporate houses and businesses in Tamil Nadu, a substantial portion of which is in cash, the IT Department said on Saturday. During the search, it was detected that they are charging high rate of interest, a part of which is not offered to tax. The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in dummy bank accounts and the same has not been disclosed for tax purposes. Further, the unaccounted monies are disguised and brought into the books of account of the groups as unsecured loans, sundry creditors and others. Other evidence found during the course of the search revealed numerous undisclosed property investments and other income suppression by these persons, the IT Department said. /IANS