Ahmedabad: Mahesh Shah, the Ahmedabad-based property dealer, who had declared a stunning Rs13,860 crore of unaccounted money under the Income Declaration Scheme (IDS) was on Saturday detained by the Income Tax department. Sethna claimed Shah made a disclosure of Rs13,860 crore of cash under the IDS scheme which was closed on 30 September. “A few months ago he approached me and asked me to explain to him the IDS scheme. Till the last day he kept assuring me that he would pay the instalment,” Sethna told media-persons on Friday. An I-T department official had on Friday said on conditions of anonymity that the department suspected Shah of money laundering and the searches were carried out in that connection.

Source: Mint December 03, 2016 17:21 UTC