The Income Tax department conducted raids on the offices and residences of PSY Group, a prominent Gandhinagar builder, on Thursday morning. The action, following a two-month investigation, allegedly revealed tax evasion worth crores of rupees.
Over 100 officials descended upon 27 locations, including the group’s corporate office and the homes of owner Nilay Desai and his associates. The raids targeted not just Gandhinagar but also extended to Mehsana and North Gujarat, following leads on investments in Goa clubs.
Preliminary investigations unearthed crores of rupees in cash, jewelry, and digital data, raising suspicion of financial irregularities. The department is particularly scrutinizing land transactions worth crores around Gandhinagar and the upcoming Gift City, a business and finance hub.
This follows larger raids across Mumbai and Ahmedabad focusing on the real estate sector. Authorities suspect investments from these cities fueling alleged benami transactions exceeding Rs 2,000 crore in Gandhinagar.
PSY Group, known for its construction projects and land sales, is under the scanner for extensive investments in prime locations across Gandhinagar. Its long-standing presence and association with other prominent builders like Vikrant Purohit of Vinayak Group further fueled suspicion.
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