Vadodara: The Income Tax Department has been conducting searches at the premises of several prominent builder groups in Vadodara city. The searches are taking place at locations linked to real estate businessmen Nileshbhai Sheth (founder of the Ratnam Group), Sonak Shah, and other builders. The IT Department is operating at over 20 locations associated with these builders, involving more than 150 officers from the Vadodara, Ahmedabad, and Surat IT Departments. Several benami transactions are expected to be uncovered following the investigation, which was launched based on a tip-off regarding the involvement of black money.

Various teams of Income Tax officials have raided the well-known Ratnam Group and other builder groups. The raids are ongoing at approximately 20 locations, including the residences of Nilesh Sheth, his brother Prakash Sheth, their partners, and their office near VUDA Circle, as well as at the Ratnam Group scheme near the Harani Motnath Temple. Additionally, sources indicate that searches have also begun at some locations in Rajkot.

Since 1989, Ratnam Builders of Vadodara has undertaken various residential and commercial projects. Over the past 35 years, Ratnam has completed more than 44 projects, including Ratnam Lifestyle, Ratnam Park View, and Ratnam Green Field.

The Income Tax Department has also investigated architects and other financiers associated with the Ratnam Group. During the raids, the teams reportedly obtained information about benami financial transactions and the sale and purchase of land made by the builder group. Important documents have been seized, and investigations have commenced. Reports indicate that computers and other equipment have also been confiscated. The operation is expected to continue until late at night, with the possibility of uncovering unaccounted black money. DeshGujarat