Income Tax Department Uncovers Rs 137 Crore in Undeclared Wealth During Four-Day Raid on Rajasthan Businessman
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Jaipur, Dec 2 (NationPress) The Income Tax Department seized unaccounted assets worth Rs 137 crore during a four-day raid at 23 locations in both Rajasthan and Mumbai, associated with Udaipur-based transport mogul Tikam Singh Rao. The operation commenced on November 28 and concluded on December 1, as per officials.
The confiscated items include cash amounting to Rs 4 crore and 50 kg of gold, out of which 45 kg was undeclared.
Officials reported, "The Income Tax Department executed raids across 23 locations linked to Tikam Singh Rao, a well-known transport entrepreneur from Udaipur. The focus was on properties associated with Udaipur Golden Transport and Logistics, among other ventures. Authorities discovered substantial undisclosed assets, including Rs 4 crore in cash and gold. Preliminary investigations suggest an unaccounted income exceeding Rs 137 crore, with further inquiries ongoing to assess the full extent of the undisclosed wealth.
The raids spanned multiple cities, including Udaipur, Jaipur, and Mumbai, revealing documentation indicative of considerable tax evasion within Rao's business network.
Income Tax officials noted that this operation represents the largest gold recovery in Rajasthan's history. "The seized documentation is currently under scrutiny. The operation targeted properties tied to Tikam Singh Rao, owner of Udaipur Golden Transport Logistics Private Limited, along with his younger sibling Govind Singh Rao.
Officials disclosed that Tikam Singh had heavily invested his unaccounted wealth in luxury automobiles, real estate, and the hospitality industry. Evidence corroborating these investments was also obtained, with the potential for the total amount of black money to rise as the documentation undergoes further analysis.
Detailing the findings, an Income Tax officer stated, "We confiscated 45 kg of gold during the raids, valued at around Rs 38 crore." The raids encompassed properties in Udaipur, Jaipur, Banswara, Mumbai, and Ahmedabad, targeting offices, residences, farmhouses, and resorts.
On November 29, during the second day of the operation, 25 kg of gold and Rs 3 crore in cash were recovered from Tikam Singh's residence in Udaipur. By November 30, following the opening of seven bank lockers, an additional 25 kg of gold and Rs 2 crore in cash were seized. In total, 50 kg of gold and Rs 5 crore in cash were confiscated, with only 5 kg of gold and Rs 1 crore being part of the declared income.
This operation commenced on the morning of November 28 under the leadership of Awadhesh Kumar, Principal Director of the Income Tax Department in Jaipur. Over 250 officials and staff were involved in the operation, as stated by the officials.
