Published On : Fri, Jun 28th, 2019

IT Raid : Builder’s properties in name of 2 servants, OCHFL Managing Director under Scanner

Nagpur: The search and seizure operation conducted by Income Tax department against 6 builders continued on third day on Thursday against only five builders. On late Wednesday night, I-T sleuths completed the operation against Adv Chandrakant Padmawar, sources said.

On Thursday the 1:1′ officials verified the documents and for that the five builders also were interrogated. The sleuths also opened the remaining three bank lockers on Thursday Sources said that lockers yielded nearly two kg of gold ornaments Today the I-T officials also created protected units (PU) at the all the six builders residences and sale deeds of proper-ties.

The most important revelation on Thursday was the expose that one of the builders has bought two properties in the name of his two servants. Under the Benami Transactions (Prohibition) Act -2016, the I-T department has the authority to confiscate such properties without payment of compensation.

For the present, the officials have seized both these properties and started the interrogation of these two servants, sources said. The name of a prominent builder in Dhantoli with his office in Khare Town, who is the Managing Director of Atul Yamsanwar’s Orange City Housing Finance Limited also came to the fore on Thursday. The officials also are probing the exact commercial connections with this builder and Yamsanwat; sources said.

The I-T sleuths have arrived at a primary conclusion that these six builders together might have entered into property deals worth Rs 200 crore. However, how much income was concealed and how much tax was evaded will be known only after the verification of documents is complete, sources said.

Today the I-T officials also created protected units (PU) at the all the six builders residences. The PU is a room in which 14 sleuths store all the documents and materials seized by them during the raid and the room is in the custody of the FT department. Officials can access the stored evidence at any time whenever they think it proper, sources said.

Creating a PU unit is considered the last formal-ity in an I-T raid and hence it is presumed that the three day long operation is likely to end by late night on Thursday itself, sources said.