IT Raid on BCM Group Indore; Discrepancy in Capital Gains Observed
INDORE: The Income Tax Dept launched a search operation in more than 40 locations under the jurisdiction of Badalchand Mehta group (BCM)- a renowned real estate businessman of Indore on Thursday morning. A slew of officials arrived at offices owned by BCM across the city. Associates of the mega real estate company are also being searched taking the total search operations to 45.
Apart from Indore, a search was also conducted at the offices of the partners in Mumbai, Bangalore, and Kolkata.
The raid was launched after the IT officials learned about discrepancies in the sale price of the land used by Reliance group of Industries to set up Kokilaben Dhirubhai Ambani hospital in Indore.
An official from the probing team in a statement confirmed that documents indicating discrepancies in the price of land and other activities were seized. The directors of the BCM include Rajesh Mehta, Arun Mehta, Naveen Mehta, Rohit Mehta, and Rishabh Mehta.