Income Tax (IT) raids on top property developers and traders in Nashik last week have unearthed ₹3,300 crores of alleged unaccounted property transactions.
A team of 225 Income Tax sleuths from Mumbai, Pune, Thane, Nagpur and Chhatrapati Sambhajinagar conducted early morning raids on prominent real estate developers and traders in Nashik last week and seized over ₹5.5 crores in cash, ₹85 crores of undisclosed assets, jewellery and incriminating documents.
Huge discrepancies in IT returns
“Data analytic tools detected huge discrepancies in the IT returns filed by the real estate developers and the project turnover submitted for availing bank loans,” explained a senior Income Tax official.
IT officials suspect the developers had invested unaccounted funds of police and revenue officials in real estate projects.
The taxmen conducted raids on prominent builders like Deepak Chande, Vilas Shah, Bhupendra Shah, including a few traders in the three-day long operation.
Investigation underway
The team of taxmen had assembled in the temple town of Shirdi the night before the raids and took different routes into Nashik for pre-dawn raids, targeting large scale tax evasion and unaccounted assets.
“Scrutiny of the seized documents is in progress and more unaccounted assets will be identified during investigation. Nashik has emerged as a huge real estate investment option for parking unaccounted funds with high returns,” confirmed the senior tax official.
