Mahesh Shah, a Gujarati businessman who grabbed headlines for revealing a whopping Rs 13,860 crore under the government's Income Declaration Scheme (IDS) 2016 is reportedly missing.
Shah, a resident of Ahmedabad, had not disclosed this income, which also includes property in Mumbai, prior to the scheme.
After the declaration, he was supposed to pay a sum of Rs 4,500 crore in taxes to the IT department. The first installment of the tax payment was due on 30 November, which he didn’t pay.
Following this, his money was declared “black”. When the IT department raided his residence on Friday, they found him missing.
The IT department has also conducted searches at the premises of his chartered accountants.
Further information is awaited.
(With inputs from The Times of India and Ahmedabad Mirror)
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