Gujarat Exclusive > Gujarat news > Rs 10 cr jewellery, Rs 4.5 cr in cash recovered in search operations at Nilkanth Group

Rs 10 cr jewellery, Rs 4.5 cr in cash recovered in search operations at Nilkanth Group

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The search operation at the premises of Nilkanth Group in Gandhidham has led to the recovery of Rs 4.5 crore in cash and jewellery worth Rs 10 crore.

The Income Tax officials, during the three-day search operations, also seized documents pointing to crores of rupees in unaccounted transactions and a large number of assets all of which are under investigation.

Nilkanth Group also produces and exports salt and a valuer had to be specially called from Rajkot to value the salt that the group held at its various salt hills.

About Nilkanth Group

A team of 20 officers were involved in the search operations at the residences and offices of the owners of the group. Officials have also seized 20 bank lockers.

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The third day of investigation led to the seizure of Rs4.5 crore in cash from different places.

The Nilkanth Group is engaged in the business of transportation and construction in addition to the production and export of salt.
They also own several properties in the local area, the details of which are being collected by the department.

According to officials, several companies have been registered by the Nilkanth Group and cash has also been handed over to them.

 

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