I-T sleuths recover Rs 10 crore cash from Rajkot realtors

The Income Tax Department, on Wednesday, recovered cash worth Rs 10 crore while raiding six realtors in Rajkot. They have also seized 17 lockers, incriminating documents showing large unaccounted transactions, receipt of on-money and unaccounted loans from them.

The raids were conducted on Decora Group, Patel Developers Group, Om Developers Group, Ladani Group, Classic Group, and Kishan Finance Group. In all, raids were conducted at 26 premises. "These firms are primarily engaged in construction and development of residential and commercial projects and financing construction projects, among other activities," claimed a statement from the I-T department.

Investigations were carried out in connection to evasion of taxes.

Some days ago, I-T sleuths had recovered Rs 19 crore in cash from stock market entry and exit providers in Ahmedabad. They were evading taxes by manipulating Long Term Capital Gains (LTCG).