The Income Tax Department has been able to locate unaccounted transactions worth Rs 500 crore during the raids on the city’s K B Zaveri Group. The well-known group in the business of gold and jewellery had ventured into the real estate sector in a major way.
As promoters of the Super City Township in Ahmedabad, the Zaveri Group has come up with big projects in the real estate sector in recent times. The projects undertaken by the group include premium properties near Shela, Shyamal Char Rasta, and Godrej Garden City, in Ahmedabad. The apprehension that goes with the popular belief about the involvement of black money in the real estate business might have brought the IT sleuths to their doors.
The Income Tax officers, along with the police force, raided 14 premises, including their flagship premises and Super City office. The officers have pinpointed probable proof of large-scale tax evasion. Preliminary investigation talks of unaccounted transactions worth Rs 500 crore
More than 100 officials assisted in the raids. They found manual data in diaries, a cache of digital data, as well as land deed documents along with cash and bank account details. The business associates, suppliers, and dealers of the Zaveri group are also being scanned.
It is believed that the group diverted unaccounted money earned in their core business of gold to real estate. Land documents found in the possession of the group indicate buying the land in the names of employees and relatives. The bank account details recovered are being investigated.
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