RANCHI: The Income Tax (I-T) investigation wing has uncovered undisclosed income amounting to approximately Rs 50 crore during recent surveys at five locations linked to Panache Realtors and the Dayanand Modi Group in Ranchi over the past two days, as reported on Thursday.
According to sources, I-T teams are currently reviewing various documents and digital data, including chats mainly pertaining to cash transactions. Experts have been enlisted to recover deleted messages.
The partners involved with both real estate firms, such as Narayan Prasad Jalan, Aditya Jhunjhunwala, and Pradeep Modi from Panache Realtors, along with Anurag Modi, Sandip Modi, and Abhimanyu Modi from the Dayanand Modi Group, are also facing questioning from I-T officials.
Reports indicate that in the Rosewood apartment complex located in Lalpur, both landowners and builders were allegedly involved in tax evasion, with property sales reported to have occurred without proper procedures.
In addition to teams based in Ranchi, I-T officials from Patna, Bhagalpur, and Jamshedpur participated in these operations. Individuals who acquired assets in the Rosewood complex may also be scrutinized later, as per sources.
