IT searches on premises of two companies in Mumbai, Thane

MUMBAI: Income Tax Department today conducted searches at the premises of two companies here in connection with alleged misappropriation of $ 2 billion that were supposed to be invested in Mumbai Economic Development Zone in Panvel.

The IT sleuths conducted searches at the offices of UFO Movies and Valuable Group, and residences of five directors in Mumbai and neighbouring Thane, and recorded their statements, sources said.

"We are not aware what IT is looking for, but our records are crystal clear. However, we have offered and will continue to offer fullest cooperation," said Charuhas Satam, spokesperson for UFO movies and Valuable Group.

The IT sources said that Valuable Group was the Indian partner of Baharin-based Gulf Finance House, and they were to develop, jointly, MEDZ at Panvel, Raigad district.