Found over Rs 1k-crore unaccounted transactions: CBDT after raids on Gujarati media, real estate group

New Delhi, September 10

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 real estate group, identified by officials as the Sambhaav Group.

In a statement, the CBDT said searches were launched on September 8 at 20 premises of the group which is among the prominent business houses of Gujarat.

The raids are continuing, it said.

Officials said the media arm of the Sambhaav group comprises electronics, digital as well as print media. Its real estate arm comprises affordable housing projects and urban civic infrastructure, the CBDT said.

“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 statement claimed.

It added that Rs 1 crore cash and jewellery of Rs 2.70 crore were also seized while 14 lockers have been put under ‘restraint’.

Sambhaav Group’s media portfolio includes Gujarati news channel VTV NEWS, Abhiyan magazine, evening newspaper Sambhaav Metro and radio station TOP FM. Its channel head Hemant Golani had on Wednesday said that raids were being conducted in the premises of VTV NEWS.

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The CBDT said “incriminating” documents and loose sheets were recovered by the raid teams.

“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 said.

The statement said 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 pieces of evidence of unaccounted cash expenses, cash advances received and interest paid in cash have also been unearthed.

The CBDT, which frames policy for the tax department, said a large number of original documents of properties of the group acquired over the years and held in the names of several “dummy” individuals and cooperative housing societies were found. — PTI

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