IT department raids at 5 locations linked to city-based businessman

The Income Tax department‘s ongoing searches entered the fourth day on Monday, the department initiated another search operation on a city-based businessman.

According to sources close to the developments, this promoter of companies in many fields including pharmaceuticals, real estate, finance, and the food business is related to relatives of a famous Gujarat politician.

The department remained silent regarding potential financial inconsistencies and the total number of locations investigated, claiming that the operation was carried out by a Mumbai-based team. However, it is thought that more than 5 sites were covered, including a corporate office and promoter residences on Prahladnagar and Judges Bungalows Road. A former AMC councillor is also suspected of being investigated.

On Friday, in the searches that began on three city realtors, Income Tax sleuths discovered unexplained transactions worth crores of rupees, as well as data of offshore accounts and cash transfers abroad. According to sources, investigators discovered the involvement of new names in addition to the eight entities under investigation. While officials have not revealed information, the violations are estimated to be worth more than Rs. 500 crore.

According to sources, one of the builders under investigation complained of health problems and was taken to a hospital for a check-up.