ED visits residence of Faith Builders owner to execute arrest warrant

In August 2020, income-tax officials, disguised as Corona warriors, had launched a dramatic operation against two builders, one of whom was Ragvendra Singh Tomar of Faith Developers. More than 20 locations, including the residential and company premises of individuals were searched. Tomar had been previously linked to a minister, who is said to have played a key role in the circumstances that led to the fall of the Kamal Nath-led Congress government in March last year.

The ED began investigating Tomar's assets as part of an inquiry into the assets of IAS couple Arvind Joshi and Tinu Joshi, who were raided by the Madhya Pradesh Lokayukta organization in 2010 for alleged disproportionate assets. Disproportionate assets is a term used in India to describe a situation where an individual's net economic assets significantly exceed the assets he or she should possess after accounting for the assets that he or she previously held and all legal sources of income. Tomar, who was also searched by Income Tax (IT) officials, was summoned by the ED to present documents relevant to certain properties believed to be linked to the Joshi couple. He was charge-sheeted before the special court on January 10.

The IT department conducted a raid on Joshi's home in Bhopal in February 2010, where they seized Rs 3 crore and documents related to multiple assets. Inquiry allegedly revealed that Ragvendra Singh Tomar, owner of Faith Group, had a stake in Joshi's assets. IT officials took action against Faith Builders and a case was registered to probe investment into 10 to 15 acres of land owned by the group. IT officials say land of Faith Cricket Academy is in the inventory of assets under scrutiny. The land in question is valued at Rs 10 crore.

More than 100 different properties including 220 acres of agricultural land, flats, houses and plots taken from different places were examined by ED. The total value of these assets is over Rs 100 crore and some of them have been attached. Most of them are in the names of parents, servants, and their families with some of them located at Raisen, Sehore and Mandla. The ED's action against Tomar is part of a larger crackdown on alleged money laundering and illegal assets. The agency is working to trace and attach properties that were allegedly acquired through illegal means. The ED's investigation is ongoing and it is likely that more individuals and entities will be brought into the case as the agency continues to gather evidence.

Next (Gujarat State government adopts new rules to stop NRG property fraud)

ED visits residence of Faith Builders owner to execute arrest warrant

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