Gujarat businessman, who declared Rs 13,000 crore income, goes missing

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A Gujarat-based businessman, who had hit headlines by declaring black money worth over Rs 13,000 crore in October, has now gone missing, reported NDTV.

Mahesh Shah, who declared his income under the Income Declaration Income Scheme, providing amnesty from any penalty, is now being searched for by tax authorities.

The IT authorities had set a deadline of 30 November for the 45-year-old businessman to pay at least 25% of the disclosed amount. He reportedly went missing just few days before the set deadline.

13,000 crore

IT officials have reportedly searched Shah’s home and office, along with the residence of his chartered accountant Tehmul Sethna who had helped him with the disclosures.

Sethna has denied any knowledge on Shah’s whereabouts and his other business investments.

“He studied up to 12th grade and is very intelligent. I can tell you that he is very well connected and has been into big dealings. I had no reason to doubt his credentials,” Serhna was quoted as saying.

Shah’s family, for their part, maintained that he was not absconding but has just not been in contact for the last 15 days.

Shah’s son Monitesh told reporters, “He is not absconding. But we don’t know where he is. He will reply to your questions when he comes.”

Though not much is not known about Mahesh Shah’s source of income, it’s believed that that he may have accumulated his wealth through real estate investments in Gujarat, Maharashtra and South India.

 

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