Undisclosed income worth ₹160 crore is likely to have been declared by the Samajwadi Party’s Member of Legislative Assembly (MLA) in Maharashtra Abu Azmi and his associates. The disclosure was made after the income-tax (IT) department raided his properties and that of his associates in Mumbai this week, sources close to the developments told BusinessLine.
According to IT, the undisclosed income is much higher than what has been disclosed by Azmi and his associates, the sources further added. Azami’s house was not rided, but the operation was mainly focused on his business empire, companies and partners in commercial ventures, the sources said.
IT sleuths carried out their search and seizure operations for three days at the properties of Azmi situated near Taj Mahal Hotel in Mumbai’s Colaba area. Raids were also conducted at the infamous Kamal Mansion. This apart, IT raids were also conducted for four days at several properties, belonging to close aides of Azmi, at Banaras.
Sandeep Doshi, Abha Ganesh Gupta and Sarvesh Agarwal are the three others whose properties and companies raided by the IT. All three are believed to be close to Azmi and as his business associates. The sources said that Azmi is believed to hold 25 per cent stake in various business interests of his partners.