Quick Summary
The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises of electronics, digital as
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FAQ :
The Income Tax Department carried out the search and seizure operation on 8 September 2021.
The operation targeted a prominent business group primarily engaged in the media (electronics, digital, and print) and real estate (affordable housing and urban civic infrastructure) sectors.
More than 20 premises were covered in the operation.
The search and seizure operation resulted in the detection of unaccounted transactions in excess of £1000 crore.
Over £1 crore in cash and jewellery amounting to £2.70 crore were seized. Additionally, 14 lockers were found and placed under restraint orders.
Incriminating evidence pointed to significant unaccounted cash receipts from the sale of Transferable Development Rights (£500 crore+), on-money transactions in real estate projects and land deals (£350 crore+), and cash-based loan and interest payments/repayments (£150 crore+).
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