Ongoing IT Raids Uncover 500 Crore Transactions Linked to Brokers and Builders

In the city, the crackdown on financial malpractice continued even on Saturdays, involving three prominent builders and brokers. The Income Tax Department has deployed 150 employees to scrutinize more than 40 locations. According to sources, officials have discovered over Rs. 500 crores worth of transactions involved in this malpractice, including investigations into foreign fund entries. Two trusted individuals of Trikam Patel have also come under scrutiny by the authorities. Relentless actions have been taken against Dharodas, including broker Rajesh Desai and Sharafi clan. Seized in Dharodas were significant volumes of documents, digital data, and fake entries.

Officials have gathered information on foreign funds received in bank accounts and other accounts. In the case of Selediya Group, Judges Banglo, situated near Science City Road, the offices and builders Arvind Selediya, Aditya Selediya, Chirag, and Vipulbhai were also being investigated. Authorities have uncovered anonymous transactions amounting to over Rs. 500 crores. Billions of rupees have been seized, apart from millions worth of jewelry, as valuation issues have prevented accurate figures. Officials have recovered digital entries of foreign funds, which could lead to prolonged investigations.

Many builder schemes in Ogan and Shilaj are under the lens. Income Tax Department officials have initiated investigations at the office and residence of builders Kanu Patel and Sandeep Patel. In Ogan, residential schemes developed by Shilaj’s Shipram Group, including builders Trikam Patel, Dharmendra Patel, and Anil Patel, have been subjected to scrutiny.

Niyati Rao

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