Income Tax Search Operation: PSY Group Raided in Gandhinagar, 27 Locations Searched, Over 100 Officials Involved

After a prolonged period, the Income Tax Department has initiated a search operation in Gandhinagar, targeting the real estate builder and construction company, PSY Group. The Income Tax team has summoned Nilesh Desai, Bankim Joshi, and Vikrant Purohit, among other partners of PSY Group, for questioning. According to available information, simultaneous searches are underway at 27 locations, with over 100 officers from the Income Tax department involved in the operation. 

The investigation may uncover instances of undisclosed transactions and irregularities. It is noteworthy that the Income Tax department had previously conducted a scrutiny on Vinayak Group during the past. At that time, undisclosed accounts were also discovered.

Exploring the History of PSY Group

When discussing the history of PSY Group, Nilay Sai of Gandhinagar emerges as a prominent figure, being a seasoned builder with deep roots in the city. His journey traces back to the days when Sector 21 was the hub of his operations, boasting a modest office space. The majority of his projects span across prime locations in Gandhinagar, Koba, and Sarigam, encompassing expansive territories.

Delving into the background of Vikrant Purohit, associated with Vinayak Group, reveals his father’s pivotal role as a town planner in Gandhinagar. Vikrant, an engineer by profession, was deeply engaged in the history, geography, and development of Gandhinagar right from the outset. In the initial phases, they undertook contracts for constructing small residential buildings, initially relying on scooters for commuting to project sites.

Transition from Brokerage to Building: The Story of Vikrantbhai

In Gandhinagar, Vikrantbhai ventured into the real estate sector by establishing a brokerage firm under the name Vinayak Estate. During those times, brokers typically charged a significant commission, but Vikrantbhai decided to operate differently, charging only a nominal fee for brokerage services. Gradually, he began forging connections with various brokers in the city. Among them, Vikrantbhai stood out for his exceptional education and remarkable marketing acumen, as he was proficient in English and demonstrated a keen sense of marketing strategies. Consequently, he fostered relationships with major companies and banks, expanding his network significantly.

Gandhinagar’s Remarkable Schemes: The Tale of PSY Group and Vinayak Group

In Gandhinagar, Nilay Desai of PSY Group joined forces with Vikrant Purohit to become partners in their group. Vikrantbhai, with his astute marketing strategies, gradually steered PSY Group towards prosperous endeavors. Over time, PSY Group flourished, becoming a significant player in the market. Meanwhile, Vikrant Purohit diversified his interests by establishing his own construction company under the name of Vinayak Group. As time progressed, PSY and Vinayak Groups became prominent fixtures in Gandhinagar, spearheading various lucrative schemes.

It is noteworthy that both groups came under scrutiny by the Income Tax Department in the past for alleged financial discrepancies. During previous investigations, undisclosed accounts worth millions were unearthed. With the ongoing Income Tax search operations, any further undisclosed accounts may come to light, intensifying the scrutiny on both groups.