Bhopal : Income tax authorities are trying to find out whether Sanjay Vijay Singh Shinde had made offshore investments or had parked funds in banks abroad. His name figures in the Panama Papers.
The authorities are also probing whether Shinde had actually invested money abroad or had merely created a shell company to evade taxes. In many tax havens, a new company can be floated with minimal investment.
Shinde is an iron ore commission agent and is also into import-export business. As an expert in mining, he used to provide consultancy to iron ore traders. He charged commission on iron ore deals struck between foreign and Indian companies. I-T authorities are closely looking at all his deals.
Many documents pertaining to his business deals with foreign companies have surfaced in the raids and they are being scrutinised.
I-T authorities suspect that Shinde was investing the money received as commission by him in foreign nations to evade taxes. The commission was received mostly in black money. This may mean that the companies which had made deals with Shinde may also face scrutiny.
Not much cash has been recovered from Shinde’s establishments. However, huge amounts have been recovered from the establishments and homes of Santosh Ramtani and Pradeep Saraiyya of Surabhi Homes. The total cash recovered from both the groups is around Rs 75 lakh. Besides, jewellery has also been seized.
Scores of documents related with purchase of property have been seized from Ramtani. Both Ramtani and Saraiyya were investing their black money in real estate. The authorities are trying to assess the market value of these properties. The business of Surabhi Homes was confined to Bhopal.
Two lockers of Shinde and ten of Ramtani and Saraiyya have been sealed. Of the 17 places raided, operations have concluded at six places.
Sanjay Vijay Singh Shinde has old links with Bhopal and Madhya Pradesh. His father was a government servant and had bought a house in Nishant Colony. Shinde’s mother lives in the house. Shinde lives at his Ratibad resort. Hailing from Gwalior, Shinde had studied in Sagar University. He later shifted base to Goa for doing business.
Pradeep Sarvaiya, a retired engineer of MP Power Distribution Company had got associated with Ramtani’s business even before his retirement. Saraiyya had got his son appointed as director in Surabhi Group and was investing his ill-gotten wealth in the business of the group.
