After 37 years, the Income Tax Department has managed to secure a conviction in a tax evasion case regarding undisclosed income, against the son of well-known stock broker Sumatilal Jamnalal Karodia. Karodia has since passed away and hence his son, Yogesh, is the only person to be convicted. His other son Paresh was made a witness in the case.

The raid that started it

On October 30, 1981, IT officials raided Karodia's flat at Napeansea Road in Malabar Hill. Karodia told IT officials that he had a locker in Bank of India's Walkeshwar branch with Paresh. During the raid, IT officials recovered the copy of a letter dated February 1, 1980 signed by Paresh and addressed to the Superintendent of Customs. It showed Karodia and his relatives also held two lockers in the Syndicate Bank, Malabar Hill branch.