Ahmedabad: The Income Tax Department has conducted extensive raids across Bhavnagar, Nadiad, and Ahmedabad, targeting individuals involved in the tobacco and snuff trade, as well as real estate developers. The raids, focusing on the business and residential premises of Ranchhod Das Jinabhai Dholakia and several builders, have revealed a staggering ₹170 crore in undisclosed transactions.

Details of the Raids:

• Locations: 35 locations were searched, including residences, offices, and business premises.
• Individuals Targeted: The raids specifically targeted Ranchhoddas Zinabhai Dholakia, Jayesh Ranchhoddas Dholakia, Hemant Dholakia, Devendra Dholakia, Girish Shah, Kamlesh Shah, Nazir Kaliwala, Sharadkumar Kantilal Champaneri, and Jayant Jamnadas Shah.
• Seizures: The raids resulted in the seizure of ₹9 crore in cash and jewelry.  ₹14 crore worth of jewelry was found, but only ₹4.5 crore was confiscated as the rest was deemed to be for stock trading.
• Private Lockers: At one location, 11 out of 20 private lockers were found to be in operation. 9 lockers remain sealed.

Findings of the Investigation:

• Undisclosed Income: Preliminary investigations of seized documents and digital data revealed approximately ₹70 crore in unaccounted transactions related to the tobacco and snuff trade.
• Real Estate Irregularities: The department also uncovered around ₹30 crore in “on-money” property sales, ₹30 crore invested in land and buildings, and ₹40 crore in undisclosed cash transactions related to property sales.

Ongoing Investigation:

The Income Tax Department has completed the searches at all 35 locations. The investigation is ongoing, with officials examining the seized documents and data to uncover the full extent of the financial irregularities.