Family of Mahesh Shah, who had disclosed unaccounted wealth of Rs 13,000 crore and later claimed to do it on behalf of some big shots of Ahemdabad, has been provided police protection.
Family of Mahesh Shah, who had disclosed unaccounted wealth of Rs 13,000 crore and later claimed to do it on behalf of some big shots of Ahmedabad, has been provided police protection. In dramatic turn of events, Shah, who’s a property dealer appeared on a television show claiming that the money did not belong to him, only to be held by Income Tax officials for questioning. The man had earlier declared a whopping Rs 13,860 crore of undisclosed wealth under the Income Declaration Scheme (IDS). Shah’s disclosure under the Centre’s IDS, which ended in September, accounts for over 20 per cent of the total Rs 65,000 crore declared under the scheme.
The city-based property dealer went missing after I-T department raided his residence earlier this week. He later appeared in the studios of a Gujarati television channel here and said he had made the declaration under his name out of “compulsion” and to “earn commission”. “The amount of Rs 13,860 crore that I declared under IDS was not mine, I will tell the names of those behind it before Income Tax officials,” Shah said, adding that he “made the declaration out of compulsion and to earn commission.”
The IT department raided office and residential premises of Shah on November 29, 30 and December 1 after he failed to pay first installment of tax — Rs 1,560 crore — on the whopping declaration of Rs 13,860 crore under the IDS. “Those whose money was disclosed under IDS backed out at the last moment, so I could not pay the first installment of tax to the Income Tax department,” he said. “I will expose everything soon. I have committed a mistake but I will reveal everything soon,” Shah said.