On Friday 6 October, 2023, for the second consecutive day, over 200 officers and staff from 35 teams of the Income Tax Department carried out raids in Udaipur. They targeted three prominent real estate firms - Archi Group of Builders, Meenakshi Prime Property and Fin Lease, as well as Bula Construction, a company involved in hotel and mining operations. These raids spanned 30 distinct locations throughout the city.
Reliable sources from the Income Tax Department have reported the discovery of Rs. 3.25 crore in cash from the premises of three real estate firms. Of this amount, Rs. 1.25 crore has been confiscated, with the remaining Rs.2 crore currently under scrutiny. Information has come to the department about 30 bank lockers linked to these companies, which are progressively being accessed.
Last Friday, ten of these lockers unveiled a notable stash of gold, silver jewelry, and cash. The department's operation is set to continue till Saturday. This initiative has rattled property dealers not just in Udaipur but throughout the state. With the legislative assembly elections on the horizon, there's rife speculation surrounding these enforcement actions.
Gold jewelry has been discovered at the residences of the proprietors and their partners of the three companies, and these findings are now under scrutiny. The Income Tax Department's acquired documents indicate that when these companies made acquisitions, including lands, buildings, flats, and hotels, they only recorded online transactions at the District Lease Committee (DLC) rates. A significant portion of the payments, however, was made in cash, which was not declared in their tax returns. An intensive examination of the amassed documents is underway to ascertain the full scope of these transactions. The key individuals heading these firms include Rishabh Bhanawat of Archi Group, Shantilal Jain from Meenakshi Prime Property and Fin Lease, and Bula Construction's Naresh Bula.