IT raids on Laxmi diamond turn into ‘Drishyam-Like’ hunt for hidden land deals

Surat | Gujarat — The ongoing Income Tax (IT) Department search operation against prominent Surat-based real estate groups has taken a dramatic turn, resembling a real-life thriller where crucial evidence appears deliberately hidden beyond reach. For the past four days, IT officials have been combing through properties linked to Laxmi Diamond, Mahakal and Universal Group across Surat, Mumbai and Ahmedabad, yet key documents related to massive land transactions remain elusive.

Despite extensive searches at residences, offices, farmhouses and construction sites, officials have reportedly failed to recover documents pointing to high-value land deals allegedly running into hundreds and even thousands of crores. The operation, insiders say, has started to resemble a cinematic hunt similar to the Ajay Devgn–Saurabh Shukla starrer Drishyam, where evidence is concealed in unexpected places.

According to sources within the department, the builders and their associates appear to have executed land and property transactions not in their own names, but through unknown individuals acting as proxies. These benami-style arrangements, coupled with documents allegedly hidden in undisclosed locations, have significantly complicated the investigation.

“The manner in which assets have been structured suggests meticulous planning to avoid a direct paper trail,” said a senior official familiar with the probe. “Despite sustained questioning and searches, no substantial land-related documents have surfaced so far.”

Over the last 72 hours, at least eight individuals—including builders, partners and close associates such as Vasant Gajera, Chuni Gajera, Anil Bagdana and Praveen Agarwal alias Praveen Bhoot—have been subjected to prolonged interrogation. Officials have also carried out excavation and demolition at select premises based on specific intelligence inputs, but with limited success.

Sources said information related to suspected hawala transactions and undisclosed land holdings was expected to emerge during the raids, but recoveries have been far below expectations. Under existing legal provisions, the Income Tax Department cannot seek custodial remand or compel confessions, prompting discussions on escalating the matter to the Enforcement Directorate (ED).

“The ED has initiated a discreet preliminary inquiry into transactions linked to nearly 40 shell companies suspected to be involved in the case,” a source revealed, adding that no formal case has been registered yet.

There is growing speculation within investigative circles that black money and property documents may have been concealed in rented flats or abandoned houses in older parts of Surat, deliberately kept away from known business premises.