Tax Officials Intensify Probe into Swati Procon's Financial Dealings and Holdings

The Income Tax Department has launched an extensive search operation targeting a prominent local real estate developer. This operation casts a wide net, encompassing around 35 to 40 properties, raising the possibility of unveiling substantial benami (proxy) transactions. The endeavour has drawn over 100 officials hailing from Ahmedabad, Baroda, and Rajkot, amplifying its scope and intensity.
The initial phase of this investigative odyssey took flight at Swati Procon's SG Road office, where scrutiny unearthed a trove of cash, valuable assets, and an assortment of documents of financial transactions. The investigative teams, however, did not confine themselves solely to the corporate enclave; they ventured forth to the residences of the company's key figures and top officials.
Among those now under intense scrutiny are the prominent names affiliated with Swati Procon, including Ashok Agarwal and Saket Agarwal. The focus of this intense investigation even extends to the Swati Procon's head office, situated on Ambli Road.
At the epicentre of this investigation stands Ashok Agarwal, the founder and chairperson of Swati Procon, whose financial dealings and holdings have come under the discerning gaze of the tax authorities. The unfolding findings of this operation remain closely guarded, with officials refraining from divulging any details as the investigation continues. The next chapter of this investigative saga will unfold soon, promising further revelations.
Sources indicate that tax officials will dissect the digital and physical trails of financial transactions to determine potential tax evasion, thus revealing any irregularities and improprieties in the corporate landscape. In a parallel operation, the Income Tax Department has executed searches across more than 30 locations in and around Chennai, including the private residence of Tangedco finance controller Kasi, a figure in close proximity to former electricity minister V. Senthil Balaji. This operation is grounded in allegations of procurement malpractices pertaining to coal-handling materials and transformers. A cloud of suspicion had previously enveloped the awarding of transformer contracts, with concerns raised by an anti-corruption NGO. Over 100 income tax officials embarked on this probe, delving into the intricate webs of procurement practices and financial transactions.
Notably, Ahmedabad has witnessed a burgeoning surge in redevelopment projects, piquing the interest of the Income Tax Department. These projects have often been associated with cash components, leading the tax authorities to closely monitor the activities of builders involved in such schemes. In a unique twist, many income tax officials have even ventured into the role of customers, engaging directly with these builders to gain insights into their operational methods. As the days unfold, builders entangled in these projects may anticipate a visit from the tax authorities. The ever-watchful eye of tax scrutiny continues its vigil over the real estate landscape.

Next (Telangana State RERA imposes Rs 17.5 crore penalty on three real estate giants)

Tax Officials Intensify Probe into Swati Procon's Financial Dealings and Holdings

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