Gujarat: In a major development, the Income Tax department in Gujarat launched a search and seizure operation on Thursday morning, targeting the leading real estate company PSY Group in the state capital. Over 100 I-T sleuths descended upon more than 27 locations across Sector-8 and Sector-21, Gandhinagar, including the offices and residences of PSY Group promoters Bankim Joshi, Nilay Desai, and Vikrant Purohit.
This unprecedented raid has sent shockwaves through the Gujarat real estate industry, with a palpable sense of fear gripping other developers. The I-T department's action marks a significant escalation in its scrutiny of the company, marking the first such major operation against PSY Group in Gandhinagar in recent memory.
Benami Transactions Found During Probe
Sources close to the investigation suggest that the I-T department suspects large-scale benami transactions within the company, a practice where property is held in the name of someone other than the actual owner. The department is likely to meticulously examine financial records, property documents, and other relevant materials seized during the raids to uncover any potential irregularities.
Established in Gandhinagar in 1990, PSY Group has grown into a major player in Gujarat's real estate landscape. The company boasts a diverse portfolio encompassing residential, commercial, and hospitality projects across the state. However, its rapid expansion has also attracted scrutiny, with questions raised about its financial practices and potential links to benami transactions.
The ongoing search and seizure operation is expected to shed light on these concerns. The I-T department's investigation is likely to be comprehensive and could potentially lead to the unearthing of significant financial discrepancies. The outcome of this investigation will be closely watched by the real estate industry in Gujarat and could have wider implications for the sector's transparency and accountability.
While the full facts of the suspected benami transactions and the degree of PSY Group's participation remain unknown, the I-T department's action serves as a strong reminder of its commitment to combating financial irregularities within the real estate industry.
