Income Tax Dept. Conducts Searches on Premises of 2 Business Groups of Udaipur

The Income Tax Department conducted search and seizure operation at around 37 locations related to two business groups dealing in real estate in Udaipur and Mumbai on Wednesday.

The searches that resumed on Thursday resulted in the recovery of documentation for benami properties worth more than Rs 100 crore in both Udaipur and Mumbai, as well as cash worth about Rs 1 crore, eight kilogrammes of gold, and several kilogrammes of jewellery.

On Wednesday, more than 12 income tax department teams from Jaipur started searching the 37 locations owned by the Acme Group and Arihant Group of Udaipur, according to sources. 35 places in Udaipur and 2 locations in Mumbai were searched. At both locations, the real estate businessmen and their staff were interrogated.

According to a representative of the income tax division, the businesspeople have made investments in more than a dozen resorts in and around the city of Udaipur. According to the documents found in offices and homes during the searches, the firm has also given loans to residents of Udaipur at high interest rates.

According to sources, close to 40 members of the organisation are currently being questioned. Kalulal Jain, Nirmal Jain, Ramesh Jain, Anil Chitoda, Ashok Jain, Bhupendra Jain, Anish Dhing, Banshila I Suhalka, and Pankaj Jain are some of these personalities. According to the sources, searches resulted in the seizure of documents pertaining to investments in numerous large projects in Rajasthan and Mumbai.

According to officials, the team is looking at the documentation for land allegedly bought with hawala money and gathering specific information regarding the income of businessmen. These groups have properties worth Rs.1,000 crore in Udaipur.