The Income Tax investigation into the Desai brothers, the alleged infamous moneylenders of the city, entered its third day on Friday. It has been learned that alleged benami transactions of over Rs. 500 crores have been found by the IT department. A considerable amount of digital data, now under examination, has also been confiscated.
Income Tax officials conducted searches on Wednesday morning at 20 locations, including a Riverview hotel on Ashram Road and Gopal bungalow. The Income Tax sleuths along with an additional 20 officers, unearthed an extensive array of land and property documents, deeds, and related paperwork.
As per the investigation, it is learned that the Desai brothers run Gopal Dairy, which has been facilitating the circulation of crores of rupees in their illicit money-lending operation.
Managers at Gopal Dairy have been engaged in interest-based money lending for many years. Authorities have also documented records of loans extended at interest rates ranging from five to ten percent. Information regarding borrowers from Gopal Dairy has been compiled by officials.