The Income-Tax Department raided two Mumbai real estate business groups, DB Realty and Shivalik Group, as well as certain individuals and entities associated with them, who were also related to Dy CM Ajit Pawar’s son and sisters.
The search operations commenced on October 7 and have been carried out at about 70 premises spread across Mumbai, Pune, Baramati, Goa and Jaipur.
I-T officials also raided the offices of Ananta Merx PVT Ltd, a company owned by Dy CM Ajit Pawar’s son, Parth Pawar, during the operation.
Companies owned by Ajit Pawar’s sisters were raided alongside DB Realty, Dynamix Group, and Shivalil Group offices in Mumbai, Satara, and Kolhapur.
According to Income-Tax officials, the evidence gathered during the search has revealed several prima-facie unaccounted and Benami transactions. Incriminating documents evidencing unaccounted income of about Rs 184 crore between the two groups have been found
The search action has led to the identification of transactions by these business groups with a web of companies that, prima facie, appear to be suspicious.
A preliminary analysis of the flow of funds indicates that there has been an introduction of unaccounted funds in the group by way of various dubious methods, like the introduction of bogus share premiums, suspicious unsecured loans, receipt of unsubstantiated advances for certain services, collusive arbitration deals out of non-existent disputes, etc.
It has also been observed that such a suspicious flow of funds has taken place with the involvement of an influential family in Maharashtra.
The funds, so introduced in a dubious manner, have been utilised for the acquisition of various assets, such as office buildings in prime localities in Mumbai, flats in posh localities in Delhi, resorts in Goa, agricultural lands in Maharashtra, and investments in sugar mills. The book value of these assets’ aggregates to about Rs 170 crore.
As per the tax department, unaccounted cash of Rs 2.13 crore and jewellery of Rs 4.32 crore have been seized. Further investigations are in progress.
Surjitt Sahani
