Missing realtor reappears on TV, claims IDS money not his

Amidst immense drama on live television, Ahmedabadbased businessman Mahesh Shah, who went missing after declaring undisclosed money worth ~13,860 crore under the Income Declaration Scheme (IDS), was held on Saturday evening.

Shah, 67, went missing after failing to pay the first instalment of tax on the declared money. He reappeared in public through a live television interview on a national channel on Saturday, following which the income tax (I-T) department and police personnel caught him. Shah was led away from the TV studio by I-T and police officers.

During the interview, Shah claimed the money did not belong to him but “to a group of powerful people, who could be politicians, businessmen and officers”. Shah claimed he would reveal the names to the I-T officials.

Even as his interview was being telecast live on TV, the Union Ministry of Finance ordered the I-T department to arrest him immediately. Shah had gone missing ever since the I-T department conducted searches at his residence and office in Ahmedabad on November 29 and 30.

Apparently, a day before his public appearance, Shah’s chartered accountant Tehmul Sethna had held a media briefing and claimed his client had filed for declaration of ~13,860 crore under IDS on September 30. It had been approved by the IDS officials on October 14, with Shah being given a “Form 2”

According to the Form 2, Shah was supposed to pay the first installment of ~1,560 crore to the I-T department — 25 per cent of the 45 per cent tax due — by November 30.

“I am not a fugitive. My family doesn’t know anything related to my work. I had filed the IDS because I had some personal needs. I wanted to pay the first installment, but the people who owned this money backed off and complicated things,” said Shah.

The businessman who deals in real estate raised questions over why the I-T department did not wait till November 30 before conducting searches and cancelled his “Form 2” two days before the deadline.

Explaining his disappearance till Saturday, Shah said he was in Mumbai when the I-T searches were conducted and hence, rushed to the TV studio to come clear in front of the public.

“Sab bahut jaldi samne aayega. Bahut jaldi doodh ka doodh aur paani ka paani ho jayega (Soon things will be made clear to everyone),” said Shah while seeking support from the government, the I-T department and the media.

Meanwhile, looking to vindicate his CA and family, Shah stated he wished to clarify that none of them were involved in non-disclosure of the huge money.

“I am here only to prove my innocence,” Shah said.