In the name of selling commercial space, a game of tax evasion is being played on a large scale through cash transactions by four builders (Bhutani Infra, Group 108, Advent, Logix) and two broker companies in Noida. Against which Income Tax had started search at 37 places in Noida, Delhi and Faridabad on Thursday, which has increased to 40 places on Friday.
In the search so far, Rs 2 crore cash and documents of giving cash loan of Rs 50 crore have been seized from the builders’ premises. Now this search is expected to drag on for a long time. It is becoming clear from the documents that the contract for selling Lajix Group commercial space on a large scale has been taken by the Bhutanese Group, in which everyone’s share is fixed. More than 400 personnel and officers of the Income Tax Department are engaged in this search. In this, search is going on at 21 places in Noida, 18 in Delhi and one place in Faridabad.
Tax evasion was a complete game in selling commercial space, 40 percent cash was taken
This entire game was done to sell the commercial plot space of Logix Group. Logix made an internal agreement with the Bhutanese group for this. Under which Bhutanese started selling this space. Most of the money here was spent in black. In selling a plot, up to 40 percent of the amount was taken in cash. Which has neither any solid document nor any legal document. In this commercial space, famous people spent their black money in Bhutan. The Income Tax Department received this information.
Joined hands with Bhutanese to repay loan of Rs 2000 crore
According to the source, Logix Group took a loan of about Rs 2000 crore from India Bulls. After this loan, he took five to six plots in Noida. These plots were for office commercial space. Construction was started here but after half-completed construction, Logix stopped the work. On the other hand, there was constant pressure from India Bulls to collect the loan. Due to which Logix signed an agreement with Bhutanese Group. Under which the Bhutanese group will build and sell their commercial space. Gradually the loan money will be given to Logix. This also happened. But most of the game here was done by tax evasion.
Income tax received first input in February 2022
One and a half years ago, in February 2022, the Income Tax Department received the first input. After this he started scanning the documents. During this time he got information that the Bhutanese group was divided into two parts. First Bhutani Infra and second Group 108. Both of them are two parts of one mother company. Their money was also invested in this commercial space. Similarly, Advent Builder also used to work in collaboration with Bhutan earlier. His money is also invested in this. In such a situation, a search was conducted on these four builders together.
Rs 2 crore cash received so far
In this search, so far around Rs 2 crore cash has been found from different places in Noida. It is estimated that the cash may increase because many drawers have not been opened yet. Apart from this, many locations were changed. That is, these people have created new hideouts around the location which the department got. Now search is being done there also. Apart from this, documents of tax evasion i.e. raw bills worth Rs 50 crore have been found. This amount is from the sale of commercial space.