IT department raids properties of businessman named in Panama Papers

BHOPAL: The Income Tax Department raids at the premises of a real-estate group and an adventure sports-exotic resorts group in Bhopal and Goa continued for the second day on Saturday. The raids being conducted at 15 locations are expected to unearth undisclosed income worth over Rs 25 crore.

Of the 15 raided properties, two belonged to adventure sports and resorts group owner Vijay Shinde who, interestingly, was also named in the Panama Papers. The Papers had revealed that Shinde, the former expert of a Goa-based mining company, parked funds in offshore accounts in Singapore.

The I-T official said, the properties owned by Shinde in Bhopal, included Caravan Resorts-Adventure Resort, RPM Go-Karting and Sonik Adventures in sprawling multi-acres scenic complex at Ratibad on MP capital’s outskirts and Shinde’s house at Nishant Colony in Bhopal. Bank lockers owned by Shinde are likely to be opened soon by the IT department sleuths.

The other 12 properties

... read more at: http://www.newindianexpress.com/nation/2017/aug/05/i-t-department-raids-properties-of-businessman-named-in-panama-papers-1638993.html

by