Income Tax raids start at 30 locations in Madhya Pradesh and Bengaluru, associated surveys on in three other states

Extensive raids by the Income Tax department at 30 premises of a Bhopal-headquartered premier real estate business group began in three cities of the country on Wednesday.

Published: 16th May 2018 09:18 PM  |   Last Updated: 17th May 2018 09:30 PM   |  A+A-

tax, graphic, income tax
By Express News Service

BHOPAL: Extensive raids by the Income Tax department at 30 premises of a Bhopal-headquartered premier real estate business group began in three cities of the country on Wednesday.

While 30 premises of Bhopal-headquartered Asnani Group of builders and business associates started at Bhopal, Indore and Bengaluru, a parallel survey by the department at premises of others related to the group was carried in Kolkata, Gujarat and Chhattisgarh.

According to informed sources at the IT department Madhya Pradesh and Chhattisgarh headquarters in Bhopal, the searches and survey have been started based on specific inputs about major tax evasion by the group and associated companies, whose real estate projects are mainly concentrated in Bhopal.

The searches in the three cities which are likely to continue over the next three to five days might well result in unearthing of undeclared income worth up to Rs 50 crore.

READ | I-T raids-surveys lead to 6 bogus companies in four states

A senior IT department’s investigation wing official in Bhopal told The New Indian Express that searches were carried out at 26 locations in Bhopal, including ten residential premises belonging to the real estate group head Bishan Das Asnani and his business associates. Two locations in Indore belonging to the real estate group’s business associate Sharad Darak, who is into hundi-chitthi (money lending) business are also being raided.

At least two premises (owned by another close associate of Asnani Group), including School of Creativity in Bengaluru’s Koramangala area too were raided by the IT department sleuths.

Importantly, one of the business associates of the Asnani Group whose premises were searched in Bhopal is considered to be a close to jailed self-styled godman Asaram Bapu and son Narayan Sai.

Also, some of those whose properties have been raided are believed to be having links with influential people, including senior politicians and government officials of MP.

Besides, the real estate group owners and their business associates-close relatives, some key employees in the flagship company and its associated units, who are likely to be having vital information about the finances of the group, are also being covered by the taxman.

“Primarily the searches and surveys are zeroed on Sri Govind Reality Private Limited, the flagship company owned by the real estate major. Dozens of associated and subsidiary companies too are under the IT department scanner. The magnitude of tax evasion could only become clear over the next two days,” the senior IT department official added.

Under the scanner are documents of the real estate major’s flagship and associated companies pertaining to last six to ten years. If the searches/surveys lead to any bank accounts/assets outside India then the records up to last 50 years could be scanned by the department, the official said.

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