Income Tax (I-T) officials on Tuesday conducted raids on the office and residential premises of Davendra Ahuja, owner of 20th Century Finance Corporation. Ahuja is also the father-in-law of actor Bobby Deol.
I-T officials conducted raids on Ahuja’s finance company office and his residence at the posh NCPA Apartments — both at Nariman Point.
Officials said the raids were conducted to investigate into Ahuja providing finance to realty group Orbit Corporation Limited, which was raided in February.
During the raid on Orbit Corporation, the I-T authorities had got documents indicating that Ahuja’s firm had provided Rs 30 crore to the realty group at an interest rate of 25 per cent per annum.
“However, in the books of accounts of 20th Century Finance, the rate of interest was shown as 15 per cent per annum,” said an I-T official, requesting anonymity.
The I-T found the discrepancy during their detailed investigation conducted subsequent to the raid on Orbit. Ahuja, who was issued equity shares through preferential allotment in Orbit’s IPO three years ago, was also an independent director in the group [Orbit].
The I-T officials also recorded Ahuja’s daughter Tanya’s statement in connection with transfer of some properties. Ahuja had transferred some properties on Tanya’s name, which the I-T wanted to verify. The officials said there was no raid on Tanya, Deol’s wife.
Ahuja was also a promoter of the erstwhile Centurion Bank.