Missing Gujarat realtor detained after declaring Rs 13,680 crore undisclosed income

In a dramatic turn of events, Gujarat real estate businessman Mahesh Shah who went missing after declaring Rs. 13,860 crore under the Centre's Income Disclosure Scheme (IDS), was detained on Saturday by the Income Tax department.

The arrest took place barely minutes after he "mysteriously" appeared and interacted with a media channel. The 67-year-old Ahmedabad businessman, as per the scheme, was supposed to pay 45% tax, which comes to Rs. 6,237 crore, before he disappeared from the IT department's radar.

Before the arrest, the department also conducted various raids at his residence, but did not yield any significant leads. In October, Union Finance Minister Arun Jaitley had announced a total of 64,275 disclosures were made under the scheme which collectively amounts to Rs. 65,250 crore.