Ahmedabad: The ongoing search by the income tax (I-T) department on real estate groups from the city continued on the third day. The officials remained tight-lipped about the seizures made in the case so far, as it is likely that the bank accounts and locker details will be verified, said sources. On Tuesday, the search started at more than 30 locations in the city, including corporate offices and residences of key persons in two groups, said sources. The search, according to sources, was carried out after the decoy sent by the department confirmed that the builders were taking part of the payment for real estate in cash.The searches encompassed corporate offices, building sites, suppliers, and residences of key officials and promoters. Over 100 I-T officials participated in the operation, according to sources.“The builders have several schemes around SG Road and beyond, and they were under watch since Diwali. In primary details, the sleuths unearthed transactions worth crores,” said sources, adding that the search started early on Tuesday morning and continued till late evening. The department also sought police protection.While the officials remained tight-lipped on the seizures from the premises, sources said that documents, details related to land and projects, and ledgers of sales deeds were seized. Digital data was also recovered from laptops, mobile phones, and hard drives, they added. “Bank details are being sought along with locker details and other assets held by the groups,” added sources.Sources said that the department sent decoys to various schemes as potential customers, after which the details of the ratio of accounted and unaccounted amounts on property rates were collated. In four months, it is the second major action against the real estate sector, according to sources. In an earlier operation, the department unearthed tax evasion by another group.
