Income Tax (I-T) officials conducted raids on four locations of Prestige Group, a prominent real estate developer in India, on Tuesday morning as part of an investigation into alleged tax evasion. The raids targeted the group’s head office situated on Brunton Road near MG Road, alongside other sites in Shivaji Nagar.
Approximately 50 I-T officials arrived at the locations simultaneously in multiple vehicles. The operation was led by officials from Delhi, Goa, and Bengaluru, indicating the seriousness of the allegations. These raids relate to claims of significant tax evasion linked to the Prestige Group, which is involved in various sectors, including the construction of apartment complexes, shopping malls, and office spaces.
The investigation highlights ongoing scrutiny within the real estate sector regarding compliance with tax regulations, and it remains to be seen how this will affect the Prestige Group’s operations moving forward.
