IT Raids at Prominent Real Estate Firms

Patna: July 9, 2008

Income Tax sleuths in Patna on Wednesday raided the houses and business properties of two prominent real estate firms and seized several lakh rupees in cash, and questionable properties and investment in excess of Rs. 32 crore.

In a well-coordinated move, the Income Tax officials conducted raids at 15 different locations in Patna, Ranchi, Jamshedpur, Delhi, and Gurgaon owned by Vasundhara Homes builder Nalini Singh and recovered over Rs. 15 lakh in cash, a large amount of gold and silver jewelries, over Rs. 20 crore in suspicious investment, and documents pertaining to several bank accounts.

Raids were also conducted at 8 different locations owned by Sanjay Kumar Sinha of Nutan Constructions. Beside Rs. 8 lakh in cash, officials also found properties near Dak Bungalow Crossing valued at Rs. 3 crore, investment over Rs. 10 crore, 18 bank accounts, and two bank lockers.

All the properties in question have been sealed as officials try to estimate the total value of the properties seized, Income Tax officials said.