After closures of Income Declaration Scheme, 2016 by central government on September 30, Rs 65,250 crores were declared as black money including declaration of Rs 13,860 crores by Mahesh Shah of Gujarat. After declaration by Mahesh Shah of black money and inability to pay 45 % tax penalty on black money, Income Tax department raided Shah. CA Charted Accountant Aapaji Amin of Shah has been raided.
Some shocking revelation were made like Shah is a pawn whereas there are bog shot in background like businessmen, politicians and government officers. Shah did disclosure as a service to them for handsome commission. Entire conspiracy was planned by CA Aapaji Amin who has office in Navrangpura at Akansha Building. Temhul Sethna got Aapaji contacted with Shah running around to settle huge cash. Aapaji made all the arrangements and disclosed black money in the name of Mahesh Shah and later their deal got cancelled as some big shots backed off and Shah was trapped failing to pay Rs 1000 crores as a first installment.
After declaration by Shah, he came under scanner of IT department and the department sought documents from him. Shah staying at Jodhpur Cross road for the name sack is doing Import Export business but his real business is settling of cash money of big shots. Shah being trapped in service to others has gone underground. His all financial transactions will be probed by IT department. As per IDS, no questing to be done but now all transactions of Shah will be checked thoroughly. Shah needs to pay Rs 6237 crores as 45% penalty for tax evasion and can convert Rs 7623 into white money.