The Income-Tax Department raids on Ahmedabad-based leading bathware company Asian Granito India continued for the second day on Friday with the officials recovering Rs 5 crore more, with total unaccounted income being detected increasing to Rs 15 crore.
Of the cash seized on Friday, Rs 4 crore was found during raids on the residence of Surat-based share broker Chirag Modh at Ratan Jyoti Apartment on the VIP Road in the city.
The State-wide raids on the premises of the company as well as its owners, their relatives, financiers, and business consultants are being conducted at 40 places.
On Thursday, the officials had seized unaccounted cash of Rs 10 crore and also sealed 12 bank lockers of the company in various banks. A huge pile of incriminating documents were recovered during the raids, which would continue for two to three days, according to I-T Department sources.
Asian Granito India is one of the country’s largest luxury surfaces and bathware solutions brands owned by Kamlesh Patel.
Besides Patel, who lives in the Adani Shantigram in Ahmedabad, and his family members, the raids were also conducted on the premises of financiers and business consultants, including Sejal Shah, who is known to be handling the financial affairs of a former Gujarat finance minister and a veteran BJP leader.
The other financiers are Sanket Shah, Deepak Shah and Ruchit Shah. The raids were conducted on their offices in Narayan Nagar locality in Ahmedabad’s Paldi area.
Patel’s family members, whose premises were raided, include Mukesh Patel, Bhavesh Patel and Suresh Patel. The searches at all these places continued on the second day too.
Besides Ahmedabad, the Income Tax officials conducted searches in the Himmatnagar, Morbi and Surat offices of the company. All the 12 bank lockers of the company at the Nutan Nagrik Cooperative Bank, Bombay Mercantile Bank and HDFC Bank were sealed.
As many as 200 Income-Tax officials and staff are engaged in the entire operation.