Income Tax department raids premises of two real estate companies in Udaipur

Income Tax department raids premises of two real estate companies in Udaipur

Rs 1 Crore in cash, 8 kg gold jewelry and property documents worth Rs 100 crores were seized

income tax raid

On Wednesday, November 23, 2022, a team from the Jaipur Income Tax Department began a search operation at the homes and offices of a few real estate companies in Udaipur. The arrival of the IT raid team in the early hours of 23 November took the employees and owner by surprise. The income tax team has begun its probe and has recovered unaccounted cash and gold and has also taken possession of property documents worth Rs 100 Cr, for scrutiny of legitimacy.

Over 8 kg of gold jewelry and more than Rs 1 Cr in cash have already been recovered by the team during the operation. 35 sites in Udaipur and 2 locations in Mumbai belonging to the Acme group and Arihant group were simultaneously searched by more than two teams from the Income Tax Department.

As per reports, about 40 persons who are connected to to these companies are being interrogated.  Those being interrogated include the owners and management of Acme Real Estate, Arihant Real Estate and Ankur Real Estate.  The team is interrogating Nirmal Jain, Ramesh Jain, Anil Chitoda, Ashok Jain of Rami Royal Resort in Udaipur, Bhupendra Jain, Anish Dhing, Banshilal Suhalka, and Pankaj Jain of Acme Group. Documents pertaining to investments in several significant projects in Rajasthan as well as Mumbai have been given to Income Tax as part of the continuing action since Monday, November 23, 2022, in the morning. More than 17 undisclosed lockers of Kalulal Jain and his associates have also been discovered. Rami Royal Resort of Udaipur has come into the limelight after this raid. Along with investment in soapstone business, a file has also been found to give loans to people on high interest rates. Teams everywhere are checking documents of big properties along with document verification. 

As per reports, the key people being interrogated have property worth more than Rs 1000 Crore between them.  Kalulal Jain, who lives in Udaipur's Savina area, has land worth more than Rs 500 crore. He has properties in Kaya, Balicha, Titardi, Nela  and Rishabhdev and also has 2 marble mines and a crusher ballast plant. The team is probing the documents of the lands brought with unaccounted money. Not only this, the team is taking detailed information about the income sources. On the other hand, Nirmal Jain runs a housing finance firm in Udaipur. Nirmal has Acme Real Estate business at Savina and he has maximum land at Nela, as per the reports.

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