Bhopal: A Chatarpur-based real estate firm, selling land worth crores in cash, has landed in income tax (I-T) net. I-T sleuths conducted search at 14 places of Peptech Builders of Chatarpur on Wednesday. Search by I-T officials was conducted at 6 places in Chatarpur, 5 in Bhopal, 2 in Satna and 1 place in Indore.

According to sources in I-T department, real estate businessmen,  Neeraj Chaurasia and his brother Vinay Chaurasia, were running several projects in Chatarpur and Satna. They have constructed commercial complexes and villas. In a housing project in Satna, they sold houses, each costing Rs 1 crore.

Sources in I-T department said Peptech builders were dealing in cash. According to new I-T rules, no business transaction more than Rs 2 lakh could be done in cash. I-T sleuths are trying to find out dates of cash transactions done.

During the search, Rs 25 lakh cash, along with jewellery worth in lakhs, were seized from the house and office of the Builder. They were also doing business in the name of a firm named Lotus Infrastructure Realty. I-T officials said people who had bought land and farm houses in cash will be scrutinized. I-T returns of all such people will be checked.

These builders are preparing to bring a project in joint venture in the state capital too. People who had signed for a joint venture will also be interrogated. The firm has an annual turnover of Rs 30 crore. I-T officials assume that they also have properties worth around Rs 50 crore. Their main business was to purchase and sale of land.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal