IT Dept attaches Rs 1,000 cr worth properties of this builder

New Delhi: The Income Tax department has got in action in Gujarat. The Department has attached properties worth about Rs 1,000 crore of the Ahmedabad-based Popular Builders after raiding 27 premises of the realty firm.

The Department has so far searched 27 locations and 23 lockers related to the Group and Rs 2.2crore worth of jewellery has also been seized, apart from Rs 91 lakh in cash.

The department found a big stack of documents that was kept secretly in a flat at Someshwar Apartments in Satellite. A number of benami transactions have been unearthed by the IT department, according to sources. 

The department has also unearthed 56 companies and eight firms elted to the builder. There are also six trusts and six Hindu Undivided Families (HUFs) that are being probed. 

The Benami Property Unit (BPU) unearthed 23 lakh square meter land that was bought and sold by the builder and one Patel family of Gujarat which as routed through as many as 10 benamidaars and 16 co-operative societies. Another two firms were also involved in these transactions. About 100 dubious bank accounts were utilized by the builder and Patel family for these transactions but all the properties were again registered in the name of the Popular Builders.

 

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