The Income Tax department carried out search and seizure operations at 30 premises of the Urmin group. The search began on Monday at the residential and office premises of founders Rajendra Majithia, Kaushik Majithia and Tejas Majithia. On the second day of investigation, a total of Rs 15 crores of unaccounted income, Rs 20 crores of jewellery and total 50 lockers were identified. Over 250 officials are still investigating over 30 premises of the group.
Along with Urmin Group, broker Rakesh Shah is also under the I-T radar. Searches are carried out at his residence in Nehrunagar and Navrangpura. The maximum amount of cash is identified from the broker’s residency. He was closely associated with Urmin Group’s founders in land dealing. Lockers and digital data of the group are yet to be investigated. The Ahmedabad and Surat team of the Income Tax department are involved in this raid.
Rajendra Majithia, 55 is the owner of over Rs 2000 crore Ahmedabad-based Urmin Group. The group was founded in the 1960s by Rajendra’s father, Nanubhai V. Majithia and had brands like Baghban Bilas, Baghban Hospitality, Baghban Spices, Bansiram, Kalam Design, Ringo StarNuts etc.
They have facilities spread over a 10,000 sq. m. area to cater to production, warehousing, and cold storage needs at Changodar unit, Bavla unit, Moraiya unit, and an upcoming manufacturing plant at Bavla. Their business is spread in the Middle East in UAE, Qatar, Saudi Arabia and in USA and UK markets.
Also read: Gujarat Income Tax Raids 30 Premises Of Rajendra Majithia’s Urmin Group
