IT raids on offices; residences of Vaijapur Bank chairman

Lokmat News Network

Chhatrapati Sambhajinagar:

Amid the hustle and bustle of the Assembly elections, the Income Tax Department raided on Wednesday in Vaijapur, raising many eyebrows. A raid was carried out simultaneously at the residence and the office of Vaijapur Cooperative Merchant Bank's Chairman, Director, and entrepreneur, Ravindra Sancheti. In addition, raids were also conducted on his associates in Chhatrapati Sambhajinagar city, Jalna, and Nashik, it is learnt.

On Wednesday at 6.30 am, IT officials simultaneously raided the residence, bank, and office of Sancheti in Vaijapur. More than 80 officials from Nashik arrived in 26 vehicles. The operation, which began in the morning, continued until late at night. From Wednesday night, two teams from the IT Department in Jalgaon had arrived in Chhatrapati Sambhajinagar city. They raided the shop of Vaijapur Merchant Bank's Chairman, Vinay Surana, in the Old Mondha area and his residence in Cidco N-3 at 6.30 am. One of the teams was seen investigating the accounts related to Vaijapur Merchant Bank in old Mondha.

In the shop, bills, accounts, and other documents were being scrutinised, while at the residence, officials were inspecting properties, assets, jewellery, and registry documents, according to the information provided by the officers. Since the Old Mondha area was closed for Diwali celebrations until Thursday, there was an eerie silence. The officials declined to provide any details regarding the exact reason for conducting the raid.

Political colour to raids?

There is speculation among the public that the IT’s action against Ravindra Sancheti may have a political angle, as one of Sancheti's close associates is contesting in the upcoming assembly elections in Vaijapur. This has led to discussions suggesting that the raid could be politically motivated.