The Income Tax department has taken action against Nandkishore Chaturvedi, a prominent figure in multiple ongoing cases involving financial irregularities. Chaturvedi is known for his involvement in providing significant loans to the brother-in-law of Uddhav Thackeray, the leader of the Shiv Sena (UBT). His company, Humsafar Dealers Pvt Ltd, has been linked to providing unsecured loans to firms owned by Uddhav Thackeray’s relative, leading to investigations by the CBI, Enforcement Directorate, and Income Tax department.
Most recently, the Benami Prevention Unit of Income Tax Investigation has provisionally attached a 200-acre property in Lucknow that is being developed by a consortium of companies controlled by Chaturvedi and his associates. It is suspected that Chaturvedi utilized a network of shell and paper companies to channel black money into high-yield projects.
The latest case involves Chaturvedi’s use of a consortium of eight Benami companies and LLPs to acquire land for a massive 200-acre township project. The initial investment for this ambitious project was estimated at Rs 800 crore, but scrutiny by the Income Tax department revealed discrepancies in financial records and misleading representations. Additionally, the consortium led by True Live Homes Pvt Ltd allegedly did not meet the minimum eligibility criteria set by the Uttar Pradesh Government for obtaining a township license.
Furthermore, entities involved in the land acquisitions were found to exist only on paper, with no substantial business activities conducted at their registered addresses, indicating their creation solely for the purpose of procuring land parcels for the benefit of Chaturvedi and his associates. Directors of several LLPs involved in the transactions claimed ignorance about the source of funds used for purchasing properties. Meanwhile, an individual close to Chaturvedi has challenged the Income Tax department’s action of attaching the 200-acre property through a petition at the Lucknow High Court.
The developments in this case highlight the complex web of financial irregularities and the measures being taken by the authorities to address them.