Rs40 crore blackmoney unearthed by I-T dept in Ahmedabad

A week after they raided the premises of Galaxy Group in Rajkot, Income Tax officials on Tuesday claimed to have unearthed unaccounted income to the tune of Rs40 crore from the group. The officials also seized unaccounted cash of Rs1.5 lakh and jewellery worth Rs18.78 lakh.

I-T officials from Ahmedabad and Rajkot had conducted joint operations and searched 30 premises of the group in Rajkot. Galaxy Group is into various sectors like education, entertainment, and real estate. The group is headed by Kiran Patel and his two brothers - Rajesh Patel and Rashmi Patel.

In 2009, Kiran Patel had unsuccessfully contested Lok Sabha elections on a BJP ticket.

His school, SN Kansagara, is a well known in Rajkot.
Rajesh Patel runs Galaxy Cinema, perhaps the best single-screen cinema hall in Saurashtra and Kutch. Rashmi Patel looks after various other businesses and mostly lives in the US.

During raids, I-T officials covered all establishments, including schools, Forge and Forge Limited, Galaxy Exports, Galaxy Cinema, and Gujarat Alloys Industries of the group. The residential premises of the owners were also searched.

According to sources, the group also has shares in Ahmedabad-based Anupam and Ambar cinemas.
Officials seized a large number of incriminating documents from the group and sealed 15 bank lockers for further investigation.