100 crore black money found from a businessman in IT raid

100 crore black money found from a businessman in IT raid: 6 crore cash, 7 crore jewellery also seized, 4 lockers yet to open

Aug 8, 2022 - 08:10
100 crore black money found from a businessman in IT raid

The Income Tax (IT) department has so far exposed black money of 100 crores in raids of real estate, construction, jewellery, hotel-hospitality and horticulture businessmen in Jaipur and Kota. The figure, which started with income tax evasion of 40 crores on the first day, has increased to 70 crores and has now crossed 100 crores. The raids have been completed at 20 places out of 37 locations. The investigation is still going on at 17 places. IT officials have so far received 6 crore cash and 7 crore jewellery.
Out of 24, 20 lockers have been searched. Sources say that the remaining 4 lockers will be opened on Monday when the bank opens. It is believed that the figure for black earnings will increase further. This action is going on for four days at Alok Kotawala and his close ones.
According to income tax sources, the firm operators have given an offer to pay tax while accepting undisclosed income of 55 crores in the places where the raids have taken place. After this, the department has not been able to take a decision on whether to confiscate the cash and jewellery. The department has also got the documents of 'on money' transactions and investments on the sale of flats. These are being thoroughly investigated. The final decision will be taken only after consulting the senior officers of the department. Prior to that, Income Tax Officers have been prohibited from giving any official information to the media.
According to the information received so far, 37 locations of Alok Kotawala, Pramod Kotawala, Ashish Agarwal, Rajkumar Agarwal, Kamlesh Jain, Bhimaram Pannalal, Chandrakant Thakkar, Akshat Thakkar and their close friends have been raided. Among them, Ashish Group is a big name. More than 200 Income Tax and Police personnel-officers have been involved in the raid. The officers of the department have got information about irregularities in selling flats, on money, investments at many places, online money transfers as well as money transfers. The officers have come to know about some places in Mumbai and Delhi also. This information has been given to the central team.
Alok Kotawala was on the radar of the department ever since his daughter's Royal Grand Wedding in December 2016 at Udaipur's Udaivilas Hotel. This wedding is considered one of the top 10 weddings in India. Sources say that more than 100 crores of money were spent on the wedding. From Bollywood actors to politicians, there was a gathering at the wedding.
A day before the wedding, foreign artists danced on an ice stage at Manak Chowk, City Palace, Udaipur. Bollywood actor Ranveer Singh and actress Jacqueline Fernandez also gave a great performance. The singer was Shankar Mahadevan. American pop singer Ellie Goulding also got a lot of applause.

Muskan Kumawat Journalist & Writer