In an attempt to expose and take action against the money laundering and 'benami' transactions, the Income Tax Department of Gujarat raided several top dogs of the Gujarat’s builder lobby in Rajkot.
On Wednesday , the IT department conducted raids at 44 locations in the city of Rajkot. All these 44 locations were the properties and locations of some of the most prominent builders of the state, including Jaman Patel of Decora Group of builders, Gopal Chudasama, who owns Om Construction and Dheeru Rokad, who owns Patel Develops.
The searches were being carried at the premises of Decora group, Swagar Group, Ladani Group (all involved in construction business) and a finance firm," the official said, without divulging any more details.
The interesting thing about this raid as told to the media by IT officials is that 'these raids are targeting the entire benami transactions and money laundering nexus and not just one party'.
According to the IT sources, the raids are also targeting the finances of the builders who allegedly were involved in money laundering at a huge scale. "This is a problem that needs to be eradicated from the root and unless the entire nexus is targeted, money laundering will not truly stop," an official IT department shared.
"We have unearthed their modus operandi where they carry out transactions under fake names and companies and also that there are several transactions done via a third party mediator between the financiers of the builders and the builders themselves" the official further added.
The raid has now been going on since four days by at least 160 officials, including those involved in conducting this raid and other police personnel as well. There are several financiers located in Morbi and Rajkot as well. Sources in the IT department also shared with Republic TV 'that till now at least Rs 100 crore has been seized in the form of cash, jewellery, documents, and other forms'.
"All of these have been sealed in lockers from at least 17 different banks and have been sealed today. The evaluation of these lockers is likely to be done on Monday in Ahmedabad after several officials being those lockers to the main office," the source added.