In a three day long search operation, the Income Tax Department sleuths seized cash over Rs 1. 30 crores and documents related to 200 properties from Surat based tea and bhajiya (Pakora) shop owner's home, office and bank lockers.
During the search operations at different places belonging to Kishor Bhajiyawala, who also runs a financing business IT sleuths seized Rs 1.08 crore in newly introduced Rs 2000 denomination notes, Rs 23 lakh in old demonetised 500 and 1000-rupee notes, Rs 5 lakh in 5, 10 and 20-rupee notes. Besides, the officials also seized gold and diamond jewelry worth Rs 2.5 crore and silver worth Rs 75 lakh from Bhajiyawala’s eight different bank lockers.
The officials initiated probe in the three banks in which, the suspect and his family members have 29 accounts!
On Thursday the officials searched Bhajiyawala’s bank locker in a cooperative bank. Apart from cash in new currency notes, they recovered Kisan Vikas Patra worth Rs 4.50 lakh and documents related to more than 200 properties in South Gujarat area including Surat.
Bhajiyawala came to Income Tax department’s radar after he deposited more than Rs 1 crore in one of his bank accounts post demonetisation. The officials probed 27 bank accounts owned by the suspect and his family members and unearth unaccounted wealth valuing more than Rs 250 crore.
Bhajiyawala and his family have over 27 accounts in different banks, including HDFC, Bank of Baroda and Surat People’s Co-Operative Bank. Moreover, he allegedly owns 16 bank lockers.
Sources close the suspected businessman said that over three decades Bhajiyawala runs tea and pakora shop in Udhna suburb of Surat. Around a decade ago he diversified into financing (money laundering) and gold business too.
He also allegedly has ‘high-level’ of political connections which he used to recover money in recovery from borrowers.
According to sources, Bhajiyawala had started a new business of exchanging scrapped Rs 1000 and Rs 500 currency notes and used to charge hefty commissions for replacing demonetised notes with newly introduced Rs 2000 currency notes.