Income Tax Department conduct searches on Real Estate Developer’s Premises

The Income Tax Department launched a widespread search operation against a city-based real estate developer on Thursday, encompassing 35-odd properties. Officers from Rajkot and Vadodara were part of the teams.

The initial search began at Swati Procon’s SG Road office. According to sources close to the investigation, the teams discovered cash, valuables, and documents related to financial transactions.

The teams went to the homes of the promoters and key officials. According to sources, in addition to Swati Procon, the sleuths searched its associate ventures, including a chemical manufacturing unit in Naroda.

The officials remained tight-lipped about the findings, stating that the search was ongoing. That is expected to continue on Friday. According to sources, officials will determine the mode of operation of tax evasion based on details of digital and physical financial transactions discovered from the firms.

In another search operation, Income tax officials have searched more than 30 locations in and around Chennai, including the home of Tangedco finance controller Kasi, who is close to former electricity minister V Senthil Balaji.

The searches were part of an investigation into alleged procurement malpractices involving coal handling materials and transformers.

An anti-corruption NGO had previously expressed concern about corruption in the awarding of transformer contracts. The searches involved over 100 income tax officials.