IT Department Seizes Rs 4 Crore in Jaipur Real Estate and Education Raids
The Income Tax Department in Jaipur conducted a series of searches at about half a dozen locations of a group associated with real estate and educational institutions. The department's team first arrived at the group's school in Mansarovar, where they discovered a significant amount of unaccounted cash.
A note-counting machine was brought in to manage the large volume of cash found at the locations. According to sources, the department seized Rs 4 crore in cash on the spot. The team also took possession of records, files, and important documents from the group's office in Shyamnagar, initiating a thorough investigation.
The group is one of the major business houses in Jaipur, primarily involved in real estate and education. The Income Tax Department is investigating potential tax evasion in real estate transactions and the concealment of income through educational institutions. This operation is being carried out with complete confidentiality to ensure the integrity of the investigation.
On Wednesday, the Income Tax Investigation Wing conducted a survey at the Vardhman Group and SKIT Institute in Jagatpura. The survey at SKIT was completed the same day, while the operation at Vardhman Group was extended and converted into a search. The department found cash exceeding several crores and evidence of numerous suspicious and unauthorized transactions related to land buying and selling.
More than 100 builders in Rajasthan have been issued notices by the Income Tax Department as part of a special campaign to investigate Joint Development Agreements. Initially, surveys are being conducted at the offices and properties of builders and real estate businessmen. If any irregularities are detected, the action is escalated to a direct raid. This was the case with the Vardhman Group, where the department found substantial unaccounted cash and evidence of fraudulent transactions.
The Income Tax Department's efforts are aimed at curbing tax evasion and ensuring transparency in the real estate and education sectors. The ongoing investigations are expected to uncover more details and lead to further legal actions against those found guilty of financial irregularities.
