Major Raids in Gujarat Result in ₹10 Crore Cash Seizure
In a significant operation, the Income Tax (I-T) Department conducted raids on the Nyalkaran and Ratnam Groups across multiple locations in Gujarat, including Surat, Vadodara, Ahmedabad, and Rajkot. The raids commenced on Wednesday and continued into Thursday, resulting in the seizure of ₹10 crore in cash.
The operation involved not only the I-T officials but also officers from the Directorate General of Goods and Services Tax Intelligence (DGGI), who participated due to the involvement of these groups in suspected Goods and Services Tax (GST) evasion.
The Nyalkaran Group’s offices located on Dabhoi Waghodia Road, along with the residences and offices of its key partners—Nitin Wadwana, Shailesh Patel, Shubhang Brahmabhatt, Hitesh Katharotiya, and Deepak Savalia—were targeted during the raids. Similarly, the promoters of the Ratnam Group—including Nilesh Sheth, Nisarg Sheth, Sunny Sheth, Chirag Hasmukh Shah, and Anurag Jain—were also under scrutiny.
During the investigations, authorities gathered details regarding property transactions handled by these firms. Initial reports indicate that flats were exchanged for various other properties, including lands, often at values below the market rates. Moreover, it was noted that some transactions were conducted in cash.
Beyond their involvement in real estate, both groups reportedly have interests in other businesses. There have been large cash transactions with farmers facilitated through land brokers, who have also been detained by I-T officials on the basis of similar allegations.
In addition to the aforementioned groups, two other companies—Kheda Industrial Private Limited, owned by Rajkot-based Manoj Valecha, and Kami Color Cera Private Limited, headed by Ravi Mansukh Jasani in Morbi—were also subjected to raids. These companies, known for their stone machinery manufacturing and ceramics business, were found to possess cash and jewellery. DGGI officials were involved here as well, as it was believed that some of the Rajkot-based companies were also evading GST.
As of now, the raids remain ongoing, with authorities continuing their thorough investigations into the financial activities of the implicated parties.
