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The raids continued till late Thursday evening. The I-T Department did not confirm any seizures following the raids.
“We have conducted raids on Shah’s premises for checking on any kind of tax evasion. But I would not like to comment further on this,” said Director General of I-T (Investigations) SSN Murthy.
An I-T official said the searches by a large team of officials were meant to scrutinise the quantum of income declared and taxes paid by Shah, in order to assess if there could be any mis-declarations.
Two office premises owned by Shah in Mehta Bhavan building at Opera House and his apartment in the plush Swapna Lok building in Napeansea Road were among the premises included in Thursday’s raids.
Premises owned by Sanjay Jain, a close associate of Shah and with whom the diamond merchant is believed to have executed a large property deal, were also searched by I-T officials. Officials also searched premises owned by a Mira Road-based developer, also a business associate of Shah.
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