The Gujarat Income Tax (I-T) department on Friday launched major search operations on three real estate groups, bringing under the scanner more than eight entities.
According to sources close to the development, about 150 IT officers along with personnel from Ahmedabad and other centres in Gujarat searched commercial and residential properties belonging to the three companies. Over 25 premises are under the scanner, with searches continuing into Saturday.
“One of the builders had spent a considerable amount on a religious event held in the city. Other firms, believed to be connected with the primary groups, are believed to have carried out transactions abroad including with the firms in the US and the UK. It is suspected that these transactions could be related to hawala. Probe is on,” said the sources.
They added that cash, jewellery, incriminating documents, transaction notes, property documents and digital evidence were seized from the premises raided on Friday.
“The builders have carried out multiple deals in areas such as Science City, Ognaj and Gota in the past few years and possess land banks. Tax was possibly evaded with cross-transactions and undervaluation of assets.”