Surat Income Tax Department along with Ahmedabad officials raided two builder groups in Surat. On Friday, over 60 officials raided more than 20 premises of the builders Sangini group of Velji Setha and Arihant Group of Mahavir Jain, Tarachand Khurana and Mahendra Mehta. Over 100 crores of unaccounted income seized from two builders and 1o of their lockers are sealed. The department investigated builders in Vesu, Piplod, Varachha and Athwalines.
Documents of investment in land and house and investment in stock market etc. have been found. The department suspects that the builder group has done large-scale deals in cash and evaded tax. During the investigation, hard disks etc. have also been seized from the builder’s office and house. The financier was also investigated at the office of Varachha.
Authorities are trying to find the ratio of black and white in the raid on the builders. Five to seven per cent of partners and employees have also been rounded up to find diaries and documents. Officials are trying to find sources of income for those who have invested in the project, IT sources said. The matter is under investigation.
Owner of Sangini Group, Velji Mohan Sheta is a popular businessman of Surat. He is currently director in three companies: Surat Smart city development ltd, Confederation of real estate developers association of India and Sangini realty private ltd. He also holds the position of director in three Limited Liability Partnership firms such as Vee Aar Life Space, Sangini Infra and Kalash distributors. Sheta belongs to Patel community and was earlier working to create better job opportunities for Patidar. Sheta was also on the advisory board at Auro University, Surat.
Established in 1984, Sangini has been involved in construction of residential and commercial projects. It has done 62 projects with a total constructed space of 73 lakh sq. ft. These projects comprise 4600 residential units and 1800 commercial units. It’s corporate office is in Shyam Sangini, Sangini House, Besides Canal Rd, Vesu, Surat.