IT Raids on 4 Builders in Vadodara Uncover Benami Transactions

In Vadodara, the Income Tax Department has conducted ongoing raids on four major builders—Ratnam, Courtyard Group, Siddheshwar-Nyalkaran, and Shrimay Group—over the last three days.

The raids, conducted just before Diwali’s traditional account book ceremonies, have revealed unaccounted transactions and seized electronic records, documents, and hard drives.

Thirty bank lockers associated with the builders have been sealed, and records of undisclosed cash dealings have surfaced.

Sources report that the IT Department has extended its investigation to associates, architects, and financiers connected with these firms.