The Income Tax department comprised a 40-member team of up to 250 officials to launch an operation at locations linked to four Noida based construction sites. These sites were, Bhutani Infrastructure, Group 108, Advent and Logix.
A 6-day search operation was conducted across all the locations and cash exceeding Rs 1,500 crore was found by the search operation team. The IT department named this operation as operation “Mahakal”. The objective of this operation was aimed at 4 companies who were selling commercial spaces while dodging taxes.
During this search programme, officers found two pen drives that were hidden by the people of the Bhutani company and the pen drive had revealed that the company received a massive amount of money. They received cash of Rs 429 crore in the years 2019, 2020, 2021 and 2022. The Bhutani Group accepted Rs 595 crore in the year 2019 and 2020.
They Bhutani Group offered “Brokerage in Cash” and “Assured Cash Return”. The Assured Cash Return plan was to bring in marketing investors a significant return until they took possession of the space in exchange for monthly payments toward the cost of the space.
Photo credits - Offshore Citizen
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