IT Raid in Jaipur: Unaccounted wealth found in school, Rs 4 crore seized from 6 locations

The Income Tax Department in Jaipur has seized crores of rupees in cash after raiding several locations of a group associated with the real estate and education sectors. Records and digital devices were taken into possession from the Shyamnagar office.

Jaipur: The Income Tax Department on Thursday conducted searches at about half a dozen locations of a group associated with real estate and educational centres. The department's team first reached the group's school located in Mansarovar. During the investigation, cash worth crores of rupees was seized.

A note-counting machine was also brought in after a large amount of cash was found at the locations. According to sources, the department has seized Rs 4 crore in cash on the spot.

The Income Tax Department team has taken possession of records, files, and all important documents present in the group's office located in Shyamnagar and started the investigation. Additionally, bank accounts, property details, and digital devices of key officials associated with the group were also scrutinised.

Suspected Tax Evasion

It is worth mentioning that this group is counted among the major business houses of Jaipur, with its main business in real estate and education. The Income Tax Department team is investigating from the angle of tax evasion in real estate deals and hiding income through schools. This action is being carried out with complete confidentiality.

The Income Tax Investigation Wing conducted a survey on Vardhman Group and SKIT Institute located in Jagatpura on Wednesday. The survey at the SKIT premises was concluded the same day, while the operation at Vardhman Group was extended after the survey and converted into a search.

Over 100 Builders in Rajasthan Issued Notices

More than 100 builders in Rajasthan have been issued notices by the Income Tax Department. According to information, the Income Tax Department has launched a special campaign to investigate Joint Development Agreements. Under this, initially, surveys are being conducted at the offices and properties of builders and real estate businessmen.

If any irregularity is found, the action is escalated to a direct raid. In this sequence, a raid was conducted at the office of Vardhman Group, where cash exceeding approximately crores of rupees was recovered. Evidence of several suspicious and unauthorised transactions related to the buying and selling of land was also found.