LUDHIANA: Three real-estate tycoons from Ludhiana came under the scrutiny of the Income-Tax department as nearly 150 sleuths of its investigation wing simultaneously swopped down on 40 premises of the trio and their
associates on Wednesday.
Strangely, just after the
IT raids, two persons whose premises were amongst those raids were allegedly hospitalised and their statement could not be recorded by IT department.
The IT raids include businessemen offices, homes in AC Market, Bhadaur House, BRS Nagar , Haibowal, Rajguru Nagar Market, Field Ganj and
Jagraon.
According to a source, in IT department the three main businessmen had been under the department’s radar over cash deposits of over Rs 18 crore at the time of demonetisation in November 2016.
The businessmen demolish old buildings and make new structures in their place. They are into the business of commercial and
housing projects as well as working as a realstate dealer, the source added.
However, all properties being raided are associated to the three businessmen and their associates which include several property dealers, deed writers etc who have business dealings with them.
Given their scale, the raids are expected to continue with same vigour. “Lot of incriminating documents pointing towards sales of properties in black too have been found," said a source.