BHOPAL/INDORE: Income Tax (I-T) team on Wednesday conducted raids on 40 premises of two Bhopal-based real estate companies in a case of unaccounted investment in Madhya Pradesh and Chhattisgarh.
Sources said the I-T team seized around Rs 1.5 crore in cash, besides incriminating documents related to 24 bank accounts, a dozen bank lockers and investments of builders and their other companies.
Raids were conducted at offices of AG8 which was earlier known as Akriti Group and Signature. Their proprietors Hemant Soni, Rajeev Soni, Sajeev Soni, P Raju, Nitin Agrawal and Rajkumwar Khilwani were quizzed at their offices, sources said.
Raids were conducted after the department received specific information that the realty groups had invested crores in alleged shell companies, it's alleged.
Director General (investigations), I-T department Amrendra Kumar Tiwari said raids were carried out simultaneously at 40 different offices of builders in Indore, Bhopal, Jabalpur, Narsinghpur and Raipur in CG.
Some 200 I-T officials are pressed into action.
"The raids will continue. We seized Rs 1.5 crore cash from different premises," the officer said. He refused to give a breakup of seizures. "As raids are going on and may continue, nothing specific can be said about findings. But yes, huge amount of cash and investment papers were seized," he said.
I-T department have also issued a prohibitory order against these builders and sealed some of their premises. Offices of Swadesh developers, Ultimate builders, Sainath builders, Safire builders and SV Infrastructures were also seized.
AG8 owned by Rajeev Soni and the family grew up into a huge company in recent years with its unit in real estate like Aakriti Eco-city Aakriti Exotica, Aakriti Gardens Aakriti Neev, Aakriti Aqua City Highlands, Aster Royal Aster Jewel, The Nest Aster Platinum and Aakriti Greens Highlands Blue. Aakriti Business Centre is among its upcoming projects.
This group also has five sugar mills Kareli Sugar Mills, Ma Bhagwati Sugar, Rai Sugar Mill and Revakripa Sugar besides hospitality projects like Calor Vanasthali, Royal Jungle Retreat and Satya Ashok Resort among others.
Similarly, Signature group is owned by P Raju, brother of BJP leader P Ganesh, who was corporator of Kolar Nagar Palika.