Ahmedabad Income Tax Raids Continue into Third Day Targeting Real Estate Groups
The Income Tax (I-T) department's extensive search operation targeting prominent real estate groups in Ahmedabad has now entered its third consecutive day, with officials maintaining strict secrecy regarding the seizures made so far. According to sources familiar with the investigation, the focus is now shifting towards verifying bank accounts and locker details belonging to the groups under scrutiny.
Widespread Searches Across Multiple Locations
This high-profile operation commenced on Tuesday with simultaneous raids conducted at more than 30 locations across the city. The search covered a comprehensive range of sites including:
- Corporate offices of the real estate groups
- Residential premises of key personnel and promoters
- Active construction sites and project locations
- Offices of suppliers and business associates
Over 100 I-T officials participated in this coordinated effort, which required police protection throughout its execution. The operation began early Tuesday morning and continued well into the late evening hours, demonstrating the scale and seriousness of the investigation.
Decoy Operations Reveal Cash Payment Practices
The raids were initiated based on intelligence gathered through decoy operations conducted by the department. Undercover officials posed as potential customers at various real estate projects, particularly those located around SG Road and surrounding areas. These operations confirmed that builders were accepting significant portions of property payments in cash, leading to the compilation of detailed information about the ratio of accounted versus unaccounted transactions.
Substantial Evidence Collected During Searches
While officials remain tight-lipped about specific seizure details, sources indicate that investigators have secured:
- Critical documents related to land acquisitions and project developments
- Detailed ledgers recording sales deeds and transaction histories
- Substantial digital evidence recovered from laptops, mobile phones, and hard drives
Preliminary findings suggest the unearthing of transactions worth crores of rupees, with the groups having been under surveillance since the Diwali period. The department is now systematically pursuing bank details, locker information, and comprehensive asset documentation from the targeted entities.
Pattern of Enforcement in Real Estate Sector
This marks the second major action against Ahmedabad's real estate sector within a four-month period. In a previous operation, the I-T department uncovered substantial tax evasion by another prominent real estate group, indicating a sustained focus on bringing transparency and compliance to this crucial economic sector.
The ongoing investigation highlights the government's continued efforts to curb unaccounted transactions and tax evasion in real estate, particularly in rapidly developing urban centers like Ahmedabad where property markets have seen significant growth and activity.
