I-T department raid at Borgaon

The sleuths of income tax department on Wednesday conducted search operations in the premises of Borgaon-based Balwant Kuhite and his family members at four different places for amassing wealth disproportionately to his known sources of income. According to IT department sources, Kuhite had reportedly given his 80-acre land on lease for mining to Almet Alloys India Limited and Asia-Pacific Globex Limited, both Delhi-based companies. The deal, signed on 25 January, was set at Rs 1.95 crore for 20 years lease period. However on papers, the deal was shown to be Rs 15 lakh. It came to the fore when Kuhite deposited the amount in one of the cooperative banks. – www.economictimes.com