AHMEDABAD: Multiple teams consisting of about 170 income tax (I-T) officials started a search on three interconnected real estate firms on Friday morning. The searches on 34 residential and commercial premises were conducted in Ahmedabad, Gandhinagar, Mehsana, and Morbi, among others. Out of the total, 25 were in Ahmedabad alone.
Sources close to the development said that a Mehsana-based real estate developer group was under the scanner for its real estate projects on Vaishnodevi Circle, SP Ring Road, and SG Road.
“The schemes have several silent partners or investors who have no say in day-to-day operations. Based on the evidence that the group was involved in tax evasion, the search was carried out to obtain documents, valuables, and financial records,” said sources.
The partners include paper mill owners and those with political connections, added sources. The inter-group transactions and those which were not reflected in the account books would be under the scanner.
Officials remained silent on the role of the persons involved and the valuables recovered on day one. They, however, hinted that the search may continue for the next 2-3 days. Modus operandi will also be clearer in days to come, they added.
