Over ₹ 1000 Crore Unaccounted Transactions Found After Raids On Gujarat Media, Real Estate Group

In a statement, the CBDT said searches were launched on September 8 at 20 premises of the group which is among the prominent business houses of Gujarat.

After searching an Ahmedabad-based media and real estate business known as the Sambhaav Group, the Central Board of Direct Taxes (CBDT) said on Friday that it had discovered “unaccounted” transactions totaling over 1,000 crores.

The CBDT stated that searches were initiated on September 8 at 20 locations belonging to the group, one of Gujarat’s most major corporate houses.

“Overall, the search and seizure operation has resulted in the detection of unaccounted transactions of over 1,000 crores across several assessment years,” according to the CBDT statement.

According to officials, the Sambhaav group’s media branch includes electronics, digital, and print media. According to the CBDT, its real estate arm consists of affordable housing projects and urban civic infrastructure.

It also said that one crore in cash and 2.70 crores in jewelry had been seized and that 14 lockers had been placed under restraint.’