According to multiple reports, the details point to B2B e-commerce marketplace Infra.Market, backed by Tiger Global, Accel and Nexus and valued at $2.5 billion.
According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium.
The CBDT said a hawala network of some Mumbai and Thane-based shell companies has also been discovered that was involved with the case.
The startup, founded by Souvik Sengupta and Aaditya Sharda, said it is cooperating with the authorities and is providing all necessary information.
The Income-Tax department said on Sunday in a statement that it has found evidence that a startup based in Pune and Thane has not disclosed Rs 224 crore, without naming it.
The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized during the raids.
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