Indore: The Income Tax Department officials raided over 40 locations of the real estate firm 'BCM Group company' in Madhya Pradesh's Indore on Thursday. Sources said that a large posse of IT officials assisted by police carried out the raids after the department had received specific inputs of alleged tax evasion by the company.
Acting on those inputs, the officials carried out the raids on the BCM Group early Thursday morning. The BCM Group is a well-known business entity in Indore. The company has multiple business partners. According to sources, the company has also invested in Kokilaben Dhirubhai Ambani hospital of the Reliance group inaugurated in Indore on January 18.
The hospital was inaugurated by Bollywood actor, Amitabh Bachchan in the presence of Tina Ambani, Chairperson, Kokilaben Dhirubhai Ambani Hospital. Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan and Kokilaben Dhirubhai Ambani joined the event virtually. Amitabh's wife and actor-Politician Jaya Bachchan also attended the inauguration ceremony.
It has been learned that the land for the hospital project was provided by the BCM group. The directors of BCM Group include Rajesh Mehta, Arun Mehta, Naveen Mehta, Rohin Mehta, and Rishabh Mehta. Income tax teams have also raided some other businessmen in the city who have invested money in the group.
It is alleged that the projects of this group are sold at higher prices than the projects of other real estate groups. According to sources, the Income Tax Department had received information that the prices of the land to be purchased for the project were shown with a lower value on paper. Besides, a discrepancy in capital gains is alleged as well.
