On Monday, the Income Tax department carried out search and seizure operations at 30 premises of the Urmin group. Over 250 officials began the raid at 6.15 am at the residential and office premises of founders Rajendra Majithia, Kaushk Majithia and Tejas Majithia. Along with Urmin Group, broker Rakesh Shah is also under the radar. Searches are carried out at his residence in Nehrunagar and Navrangpura. He was closely associated with Urmin Group’s founders.
20 crores of unaccounted income and jewellery seized
On the first day of the investigation, the I-T department seized ten crores of unaccounted cash packed in bags at the founders’ residential areas. Rs 10 crores of jewellery is also seized. They have 30 lockers that are yet to be investigated.
The Ahmedabad-based company’s registered office –Urmin House, Ground Floor Sindhu Bhavan Road, Beside HOF Living Off SG Highway, Bodakdev–is under investigation. The company is into the food, beverages and hospitality sectors. The group owns Baghban party plot in Thaltej and Baghban Aamrkunj in Rancharda.
Experts hired from Bengaluru
The I-T investigation department first identified the Urmin group in August 2021. Before the raid, IT officials checked all their premises and the officials even wiretapped the telephonic conversation of the founders. In addition, tech experts are called from Bengaluru to retrieve encrypted data. These professionals will be majorly involved in extracting data from the cell phones of the people involved with the company.
Rajendra Majithia, 55 is the owner of over Rs 2000 crore Ahmedabad-based Urmin Group. The group was fRajendra Majithia, 55, owns over Rs 2000 crore Ahmedabad-based Urmin Group. The group was founded in the 1960s by Rajendra’s father, Nanubhai V. Majithia and had brands like Baghban Bilas, Baghban Hospitality, Baghban Spices, Bansiram, Kalam Design, Ringo StarNuts etc.
They have facilities spread over a 10,000 sq. m. area to cater to production, warehousing, and cold storage needs at Changodar unit, Bavla unit, Moraiya unit, and an upcoming manufacturing plant at Bavla. Their business is spread in the Middle East in UAE, Qatar, Saudi Arabia and in USA and UK markets.
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