SURAT: The income tax department executed a significant search operation at various premises linked to a city-based diamond manufacturer and real estate developer. This group also manages educational institutions across the state and is currently under investigation for undisclosed earnings from their real estate activities.
Searches were conducted at over 15 locations in Surat, Mumbai, Bengaluru, and New Delhi. Mumbai emerged as a critical area of investigation, especially concerning the younger owners and partners who have residences and offices there.
Several individuals associated with the group are also being scrutinized, including a liaison worker with notable connections to high-ranking politicians and government officials. A team of lawyers and their associates are under investigation as well.
The property development firm specializes in commercial and industrial real estate in Surat, with significant projects planned outside Gujarat. There are suspicions that funds from an insolvent jewelry company have been allocated to these ventures.
The owners maintain strong political affiliations, with one of them previously serving as a legislator. Their changing political alliances have at times led to conflicts with influential politicians.
The group has international diamond interests and originates from the Amreli district in Saurashtra. Following their expansion into real estate, some owners have faced criminal charges and arrests related to fraud. The ongoing investigation concerns undisclosed investments linked to their recent projects and land acquisitions.
