Gujarat Income Tax raids

Raiding the Nyalkaran and Ratnam Group in Surat, Vadodara, and Ahmedabad on Wednesday and Rajkot on Thursday, ₹10 crore in cash was seized by the Income Tax (I-T) official during raids in Gujarat.

Officers of the Directorate General of Goods and Services Tax Intelligence (DGGI) were also included in the raid as they have been involved in evasion of Goods and Services Tax (GST).

Nyalkaran Group’s Dabhoi Waghodia Road offices and the residences and offices of its partners Nitin Wadwana, Shailesh Patel, Shubhang Brahmabhatt, Hitesh Katharotiya, and Deepak Savalia were raided.

Ratnam Group promoters Nilesh Sheth, Nisarg Sheth, Sunny Sheth, Chirag Hasmukh Shah, and Anurag Jain were also raided.

The details of property deals done by these firms were acquired. Sources in the Income Tax Department indicated that flats against other properties including land were exchanged. 

It has been noticed that the flats or properties were traded for less than their market values and the flats were given away with the payments in cash.

Both these builders have interests in other businesses besides real estate.

Large cash transactions have been done with farmers through land brokers. Brokers involved in land deals with them have also been detained by Income Tax officials on the same grounds.

Meanwhile, Rajkot-based Manoj Valecha-owned Kheda Industrial Private Limited and Ravi Mansukh Jasani’s Kami Color Cera Private Limited in Morbi were also raided.

These companies are involved in stone machinery manufacturing as well as ceramics business. 

Cash and jewellery have also been recovered from them.

However, DGGI officials have also been included in this raid as some of the companies in Rajkot were believed to evade Goods and Services Tax (GST).

At the time of writing this, raids are still underway.