Income Tax authorities found Rs 600 crore of undeclared assets belonging to him and his family.
Highlights
- Taxmen unearthed Surat's Kishore Bhajiawala's property worth 600 crore
- Cash and jewellery worth Rs. 10.5 crore was found
- Bhajiawala and his family have more than 40 bank accounts
A man who started his life as a tea and snack vendor and ended up as one of the biggest financiers of Gujarat, has come under the scanner of Income Tax authorities, which have so far found Rs 600 crore of undeclared assets belonging to him and his family. Cash and jewellery worth Rs 10.5 crore so far have already been seized from his home and bank lockers.
Kishore Bhajiyawala, 50, had started as a small-time seller of tea and bhajias (deep fried snacks) two decades ago in Surat. As his business grew he got into the money-lending and real estate business. There are indications that he is well connected politically - photographs of him with prominent BJP leaders including former Chief Minister Anandiben Patel and Union minister Purshottam Rupala have been circulated on social media.
The party, however, has distanced itself from the controversial financer. "He's neither a party man nor indirectly linked to us,'' said BJP spokesman Bharat Pandya.
The inquiry by the income tax department into Mr Bhajiawallah's affairs started after he deposited around Rs 1 crore in his bank after the currency ban by the government on November 8.
The raids that started on December 13 are still on and what the officials found has astounded them. Documents and items found so far indicate that the total worth of his assets in land, cash and valuables could be more than Rs 600 crore.
But sources in the Income Tax department said much more could be found of his undeclared assets. Not all the documents seized have been scanned.
More than 6.5 crore in cash was seized from his home and office in the predominantly middle-class Udhna area. Of that, Rs 1.4 crore was in the new 2000 rupee notes. There was 50 kg of silver and diamonds worth Rs 1.39 crore in more than a dozen bank lockers.
There were more than 40 bank accounts in the names of his and associates.
Mr Bhajiawala has refused to discuss the matter. "Don't want to talk," was his only response to NDTV.
Since the government's ban on high denomination currency of Rs 1000 and Rs 500 - meant to root out black money -- the Income Tax, Enforcement Directorate and Central Bureau have been conducting nationwide raids. Black money worth hundreds of crore - often in soiled, smelly notes, have been found stacked in sacks and trunks from various cities.