IT Raids on Gujarat Builders Uncover Rs 100 Million

04 Dec 2024 CW Team

The Income Tax (IT) department's ongoing search at the premises of three builder groups in the state has led to the recovery of more than Rs 100 million in cash and incriminating documents, according to sources.

Initially, 34 locations were targeted in the operation, but six additional sites were subsequently included, increasing the total to 40.

Sources revealed that during the preliminary investigation, officials uncovered fake loan entries, bogus transactions, and undisclosed investments in land and properties that were not reflected in the final accounts. The full extent of the tax evasion is still under evaluation.

The search began on Saturday at the premises of a Mehsana-based real estate developer group, which has several projects located on SG Road, SP Ring Road, and in the Vaishnodevi area of the city. Of the 40 locations being searched, 25 are in Ahmedabad. Sources also indicated that details of approximately 15 lockers have been discovered, and the value of other seized assets is currently being assessed.

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