Home > News > The Gujarati businessman who declared the black money of Rs 13,860 crore Under IDS Scheme is Missing Now!

The Gujarati businessman who declared the black money of Rs 13,860 crore Under IDS Scheme is Missing Now!

The Gujju businessman who declared the black money Under IDS :

Gujarat: Mahesh Shah missing and untraceable: Shocking with the declaration, recently there was news buzzing around that an Ahmedabad Business Man Mahesh Shah unveiled his black money that amounted Rs 13,860 crore of cash. Highlighting back in the news again, what’s brings the focus on him is that the man has gone missing and is untraceable.

Under the Income Declaration Scheme IDS in the month of October, Mahesh disclosed his black money and from then he is said to be missing. As per the IT searches conducted at the office and residential properties of Shah in the last two days, the lump sum amount was disclosed but the man was found nowhere. The team had also withheld the investigation and checked his Chartered Accountant Appaji Amin’s house finding for him.

Missing Now!! The Guju businessman who declared the black money Under IDS :

Mahesh Shah missing and untraceable

The Income Tax department officials have made several attempts to get in connection with the Shah but failed in all the attempts. The entire search for him was conducted on November 29, 30 and December 1st but ended with no positive results. According to Sethna, Shah was missing.  He also added up saying that,” Shah was in my touch since 2013 and took our advice on several occasions in the past. He was not my regular client but was mainly into land dealing. When IDS scheme was declared, I advised him to make the disclosure for peace of mind, as he is almost 67 years old and is not keeping well due to some heart-related ailments.”

On taking this advice, Shah decided to go for the disclosure and it is said that he was supposed to pay RS 1560 crore tax on the disclosed amount. The IT department was busy conducting the enquiry and there were doubts arising on Shah managing to pay the instalments asked for payment by the due date. Sethna had also extended his full support to the IT department and handed over all the papers related to Shah he had and now the big business tycoon is missing and is out of reach of the tracing techniques.

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