Income Tax raids against real estate firms in Vadodara, Ahmedabad and Surat
Updated: Oct 24th, 2024
The Income Tax Department has conducted raids across 20 locations associated with the Ratnam Group and Nyalakaran Group in Vadodara, Ahmedabad, and Surat. These raids are believed to be part of an investigation into big cash transactions in the construction sector.
According to sources in the Income Tax Department, searches were carried out at various properties, including the Nyalakaran Group’s office on Dabhoi-Waghodiya Road, as well as residences and offices of key partners such as Nitin Vadhwana, Bhagyash Patel, Shubhang Brahmbhatt, Hitesh Katharotiya, and Deepak Savaliya. The operation also involved the promoters of the Ratnam Group – Nilesh Sheth, Nisarg Sheth, Sunny Sheth, Chirag Hasmukh Shah, and Anurag Jain – who are currently under scrutiny.
Income tax officials have set up investigations at the Ratnam Group’s office on Pradarshan road in Sama Savli, and have included architects associated with the group in the inquiry. Additionally, the department has been examining other financial entities related to real estate in Vadodara.
Raids have also been reported around the highway bypass area of Vadodara against two builder groups, including the Sheth Brothers from the Courtyard Group, known for developing schemes in Goti and Sevasi.
During the raids, officials seized computer data and scanned mobile devices belonging to the promoters to extract relevant information. Hard drives are also being confiscated to retrieve data crucial for the investigation.
Notably, these builders are not only engaged in real estate but have interests in other businesses, raising further questions about their financial dealings.
The Income Tax Department is continuing its investigations to get more details.
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