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Income Tax conducts extensive raids on Surat diamond and real estate group

#Law & Policy#India
Last Updated : 3rd Feb, 2026
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Synopsis

The Income Tax Department carried out extensive searches targeting a prominent Surat-based diamond manufacturer and real estate developer earlier this week. The operations covered over 15 locations across Surat, Mumbai, Bengaluru, and New Delhi, focusing on undisclosed earnings and potential diversion of funds from an insolvent jewellery company into real estate projects outside Gujarat. Officials are examining financial records, digital data, and individuals connected to the group, including political and legal associates. The owners, with prior legal and political involvement, have faced criminal cases for alleged fraud and cheating in past years.

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The Income Tax Department launched a detailed search operation on a leading Surat-based diamond manufacturing and real estate group earlier this week. Officials conducted raids at more than 15 locations across Surat, Mumbai, Bengaluru, and New Delhi. The group, which also has significant interests in education and global diamond businesses, is under investigation for undisclosed earnings from its real estate ventures.


Investigators are looking closely at the group's commercial and industrial property projects, including developments outside Gujarat. Authorities suspect that funds from a bankrupt jewellery company may have been routed into these real estate projects. The department is reviewing financial records, digital data, and associated documentation to trace potential tax evasion and irregularities.

Individuals linked to the group, including a liaison with close political and government connections, along with lawyers and other associates, are also under scrutiny. The property development arm has been involved in multiple high-value land and construction projects, raising regulatory interest due to possible undisclosed investments.

The group's owners, originally from Amreli district in Saurashtra, have had prior political involvement. One of the brothers had served as a legislator, and changing political affiliations over time reportedly led to differences with influential politicians. In earlier years, some owners faced criminal cases related to alleged fraud and cheating, which adds context to the ongoing investigation.

The raids reflect a broader pattern of vigilance by tax authorities in sectors like diamonds and real estate, historically associated with complex financial transactions. Authorities aim to ensure transparency in investment flows and tax compliance, particularly where business diversification spans manufacturing, property development, and global operations.
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