Mega Income Tax Raids on Four Builder Groups in Vadodara Ahead of Diwali: 150 Officials Target Builders and Jewelers!

Ahead of the Diwali festival, the Income Tax Department conducted early morning raids on four builder groups, including the Ratnam Group in Vadodara. Teams of over 150 officials from the Income Tax Department carried out operations at more than 20 locations, causing panic among the builder groups. 

During this period, the likelihood of uncovering unaccounted black money worth crores of rupees cannot be ruled out. There is also a possibility that jewelers will come under the radar of the Income Tax Department.

Income Tax Raids at Residences and Offices of Builder Groups

According to the information received, various teams of Income Tax officials conducted raids on four builder groups, including the renowned Ratnam Group in Vadodara. 

The operations were focused on around 20 locations, including the residences of Nilesh Seth and his brother Prakash Seth, who are the operators of the Ratnam Group’s scheme initiated near the Harni Mothinath Temple in the city, as well as their office located near VUDA Circle. Additionally, sources indicate that searches have also begun at several locations in Rajkot.

Ratnam Builders: 35 Years of Residential and Commercial Projects

Established in 1989, Ratnam Builders in Vadodara has been involved in various residential and commercial projects for 35 years. Over this period, they have successfully completed more than 44 projects, including Ratnam Lifestyle, Ratnam Park View, and Ratnam Green Field.

Possibility of Uncovering Crores in Unaccounted Black Money

According to sources, the Income Tax Department has also initiated investigations at the offices of architects and other financiers associated with the Ratnam Group. Additionally, preliminary information suggests that Income Tax operations are ongoing at two builder groups involved in schemes around the highway bypass in Vadodara. 

With tight police security, various teams of over 150 Income Tax officials from Ahmedabad, Surat, and Vadodara have been conducting operations since early morning. During the raids, the likelihood of uncovering crores of unaccounted black money from the builder groups cannot be ruled out.

Raids Expected to Continue Late into the Night

Reports indicate that during the raids, the Income Tax Department teams are gathering information on unaccounted financial transactions, as well as details related to the buying and selling of land and any associated clandestine dealings by the builder groups. They have also seized important documents and begun investigations. 

Furthermore, reports suggest that computers and other equipment have been confiscated as part of the operation. It is expected that the raids will continue late into the night, and the possibility of uncovering crores in unaccounted black money during this operation cannot be ruled out.

Detailed Investigation of Transactions Underway in Vadodara

The Income Tax Department has launched a mega operation in Vadodara. According to the current information, teams have raided two major builder groups associated with Nilesh Seth and Sonak Shah. 

Teams from Vadodara, Ahmedabad, and Surat are involved in a thorough investigation of transactions, including documents, financial records, and electronic records related to the two builder groups.

Silence in the Builder Lobby Amid Raids

The scope of the investigation has extended to real estate, businesses associated with the builder groups, and architects. Following such a significant operation in Vadodara, panic has spread throughout the builder lobby. There is a possibility that this investigation may continue for an extended period.