Ahmedabad, Sep 21 (IANS): The Income Tax department of Gujarat has launched a search operation in Ahmedabad, encompassing various locations within the city, including the offices of real estate developer Swati Procon and its associated entities.
The operation, joined by more than 100 officials from Ahmedabad, Baroda and Rajkot, is poised to shed light on potential large-scale benami transactions. The I-T department had got information about the dealings in cash and unlawful trade. The raid began on Thursday morning.
The ongoing investigation is set to extend to Friday, as tax authorities delve into intricate financial matters. The scope of the operation spans an impressive 35 to 40 locations across Ahmedabad, including the premises of Mahesh Raj Chemicals Pvt Ltd, a chemical conglomerate situated in Naroda and linked to Swati Procon.
Key figures associated with Swati, including Ashok Agarwal and Saket Agarwal, are currently under scrutiny as stringent measures are implemented by the Income Tax department. Notably, the head office of Swati Procon, located on Ambli Road, has also come under the purview of the investigation.
Ashok Agarwal, the founder chairperson of Swati Procon, faces growing scrutiny as tax authorities seek to unravel intricate financial transactions and holdings.