AHMEDABAD: The income tax (I-T) department conducted a search on over 30 locations linked to two builder groups. This action was undertaken after a decoy from the department confirmed that the builders were accepting part of the payment for real estate in cash.
The searches included corporate offices, construction sites, suppliers, and homes of key officials and promoters, involving over 100 I-T officials, as per sources.
“The builders have multiple schemes around SG Road and beyond, and they have been under surveillance since Diwali. Initial findings indicate transactions worth crores have been uncovered,” sources revealed, noting that the search began early Tuesday morning and extended late into the evening. The department also requested police protection.
While officials were tight-lipped about what was seized, sources reported that documents, land and project details, and sales deed ledgers were confiscated. Additionally, digital data was retrieved from laptops, mobile phones, and hard drives. “Bank details and information regarding lockers and other assets owned by the groups are currently being investigated,” sources added.
Sources mentioned that the department deployed decoys as potential buyers at various schemes, leading to a compilation of data on the ratio of accounted to unaccounted cash involved in property pricing. This marks the second major crackdown on the real estate sector in four months, following a previous operation that exposed tax evasion by another group.
