The income tax raids on the PSY and Vinayak Groups in Gandhinagar continued for the fourth consecutive day on Monday. Illegal transactions worth Rs 500 crore have been uncovered so far. The operation has been ongoing at 30 locations of the firms.
More than 15 additional officials have been deployed by the income tax department in the raids, taking the total number of officials involved in the mission to over 115. Even officers from outside Gandhinagar can be brought in to assist in the investigation, sources said.
Builders from the PSY and Vinayak groups, including Nilesh Desai, the sales head of the PSY group, Jay Purohit, Bankim Joshi, and Aditya Goenka, are under scrutiny. Within four days, raids have yielded undisclosed transactions worth Rs 500 crore, lockers from 15 banks, jewellery, and crores in cash.
The operation is still ongoing, and there is a possibility of further extensions. Besides, many of Gandhinagar’s major land dealers were exclusively working for these groups. The I-T department is scrutinising the details of these dealers. There will be inquiries into all individuals involved. Some land dealers in Gandhinagar have become invisible for the past two days.
The raids were taken up after a two-month investigation by the Investigation Wing of the Income Tax department.
The raids are being carried out considering that Mumbai’s big builders have invested crores of rupees around Gandhinagar and Ahmedabad.
Land transactions worth crores of rupees around Gandhinagar and around Gift City by builders in and around Gandhinagar are under lens.
I-T officials raided three builder groups, a pharma company owner, a big businessmen involved in the chemical industry and chemical dealers in Ahmedabad and found benami transactions worth more than Rs 2,000 crore. Parallel to these raids, several builders in Mumbai were raided by the Mumbai Income Tax, the fringes of which extended to Gandhinagar.
Apart from this, it was noticed by the I-T officials that builders from Ahmedabad, Gandhinagar and Mehsana were also investing in clubs in Goa, following which, raids were also conducted in Mehsana and North Gujarat. Based on the details obtained during all these raids, the officials conducted a thorough investigation and found that PSY Group had a large-scale investment in construction and various schemes in Gandhinagar and its surrounding areas, apart from the sale of land.
It is worth mentioning here that Nilay Desai of PSY Group is the oldest builder in Gandhinagar and most of his schemes and projects are operational around Gandhinagar.
Vikrant Purohit of the Vinayak Group associated with him is also known for leasing land in Gandhinagar. At present, it is clear that most of the schemes in prime locations in and around Gandhinagar belong to people associated with Nilay Desai and Vikrant Purohit.