Found Over Rs 1k-Cr Unaccounted Transactions: CBDT After Raids On Gujarati Media, Real Estate Group

The Central Board of Direct Taxes (CBDT) on Friday claimed it has detected “unaccounted” transactions of over Rs 1,000 crore after raiding an Ahmedabad-based media and actual property group, recognized by officers because the Sambhaav Group.

In an announcement, the CBDT mentioned searches have been launched on September 8 at 20 premises of the group which is among the many distinguished enterprise homes of Gujarat.

The raids are persevering with, it mentioned.

Officials mentioned the media arm of the Sambhaav group contains electronics, digital in addition to print media. Its actual property arm contains reasonably priced housing initiatives and concrete civic infrastructure, the CBDT mentioned.

“Overall, the search and seizure operation has resulted in the detection of unaccounted transactions in excess of Rs 1,000 crore spread over various assessment years so far,” the CBDT assertion claimed.

It added that Rs 1 crore money and jewelry of Rs 2.70 crore have been additionally seized whereas 14 lockers have been put beneath ”restraint”.

Sambhaav Group”s media portfolio consists of Gujarati information channel VTV NEWS, Abhiyan journal, night newspaper Sambhaav Metro and radio station TOP FM. Its channel head Hemant Golani had on Wednesday mentioned that raids have been being performed within the premises of VTV NEWS.

The CBDT mentioned “incriminating” paperwork and unfastened sheets have been recovered by the raid groups.

“A majority of these pieces of evidence indicate huge unaccounted cash receipts in excess of Rs 500 crore on the sale of transferable development right certificates. Evidence of on-money transactions in real estate projects and land deals, in excess of Rs 350 crore, have also been found along with corroborative documents,” it mentioned.

The assertion mentioned that “incriminating evidence of unaccounted cash-based loan and interest payments/repayments worth more than Rs 150 crore have also been found”.

It claimed that substantial incriminating items of proof of unaccounted money bills, money advances obtained and curiosity paid in money have additionally been unearthed.

The CBDT, which frames coverage for the tax division, mentioned numerous authentic paperwork of properties of the group acquired over time and held within the names of a number of “dummy” people and cooperative housing societies have been discovered. 


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