IT search in Sahara offices in Lucknow

LUCKNOW - The Indian Premier League (IPL) trail reached the business house Sahara, as the Income Tax department (IT) Thursday searched the offices of the group here.

Sahara had bagged the IPL Pune franchise for a whopping Rs.1,702 crore last month.

While the IT authorities were tight-lipped on the issue, Sahara spokesman Abhijit Sarkar told reporters: “While we have purchased the franchise of Pune team for Rs.1,702 crore ($370 million), our operations will actually begin only with IPL season four in 2011.”

According to him, “So far we have only entered into bidding and the amount is payable over a period of 10 years.”

He also asserted: “It is wrong to describe the IT operation as a raid; this is a survey.”

Meanwhile, commotion prevailed in and around Sahara offices as IT teams went about hunting for documentary evidence that could bring out another can of IPL worms.

The Sahara group’s association with cricket is seen as a means to showcase its multiple investment schemes before small investors spread across eastern Uttar Pradesh and Bihar.

Most of its chit-fund business runs on the strength of publicity largely associated with cricket and other sports.

Five years ago, Sahara had figured among the top 20 income tax defaulters in the country.