A 45-year-old businessman based in Ahmedabad, Mahesh Shah, who had come to spotlight in October after he admitted to assets worth Rs 13, 860 crore under the Income Declaration Scheme (IDS) has gone missing.

The businessman had to pay 25 percent on the disclosed income as penalty on 30 November — the deadline for paying the penalty under the amnesty period. Mahesh Shah was a land dealer and his chartered accountant, Tehmul Sethna, who had helped him in the income disclosures also faced search inquiries from the Income Tax department.

According to The Times of India report, Tehmul Sethna has claimed that he has never filed tax returns for Shah but knew him well because they had kept in touch after their first meeting in 2013. Sethna said that he had spoken to Shah on 29 November but hasn't spoken to him after that. Search operations by Income Tax officials was conducted at Sethna's office as well.

The Times of India report also stated that Mahesh Shah lived in a 4-BHK flat and took an autorickshaw to work.

However, in an NDTV report, Monitesh, Shah's son said: "He is not absconding. But we don't know where he is. He will reply to your questions when he comes.

The Income Tax department is also trying to find whether Mahesh Shah had links to other businessmen who have laundered money and if he was a part of the bigger network involved in money laundering.