Tag: INCOME TAX RAID

IT Department Cracks Down on Big Business Groups, Finds ₹500 Crore Tax Evasion

Gorakhpur: The five-day search operation carried out by the Income Tax Department across Gorakhpur and nearby districts concluded on Saturday, uncovering large-scale financial irregularities and suspected tax evasion running into nearly ₹500 crore. The action focused on six prominent business groups with interests primarily in real estate, edible oil, and liquor, where officials say organised evasion had been taking place for years.

During the searches, the department seized around ₹1 crore in cash, jewellery worth several crores, and more than 15,000 pages of documents, including account books, diaries, property papers, investment files, and digital records. Officials believe these materials contain detailed evidence of unaccounted transactions and hidden investments.

In the real estate sector, investigators reportedly found proof of large cash dealings, undervaluation of property registrations, and inflated or misreported construction costs. According to sources, substantial portions of land and construction payments were made off the books and never disclosed in income tax returns.

The edible oil and liquor businesses, meanwhile, are suspected to have concealed profits through manipulated invoices. Documents recovered during the searches point to wide gaps between actual sales and figures recorded in official accounts. Evidence of transactions routed through shell companies and benami accounts has also surfaced in some cases.

A notable feature of the operation was the use of artificial intelligence and data analytics. AI tools were deployed to scan banking transactions, property records, cash movements, and inter-company dealings, helping officials identify complex patterns of fraud and tax evasion.

Investigators also discovered around 15 bank lockers containing jewellery valued at over ₹10 crore, along with documents related to properties not only in cities such as Gorakhpur, Deoria, Lucknow, Kanpur, and Delhi, but also abroad. These assets will be examined separately to verify the sources of funds used for their purchase. If the explanations are found unsatisfactory, the cases may be referred to the Benami Properties Unit.

With the search operation now complete, the Income Tax Department is preparing to issue show-cause notices to the businessmen involved, seeking clarification on the undisclosed income and transactions. Officials indicated that failure to provide satisfactory responses could lead to hefty tax demands, penalties, and legal action, and that further action against other suspected business groups may follow.

Raymond Lifestyle Ltd Undergoing Income Tax Survey Amid Declining Share Prices

Raymond Lifestyle Ltd has informed exchanges that officials of the Income Tax Department visited some of its offices and manufacturing units in India on September 25, 2025, to conduct a survey action under Section 133A of the Income Tax Act, 1961.

The company said the proceedings are currently underway and that it is extending full cooperation to the authorities. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shares of Raymond Lifestyle were trading at Rs 1,210.00 on Friday, down 3.54 percent after moving between Rs 1,201.00 and Rs 1,251.70 during the day. Over the past year, the stock has declined nearly 50 percent, with a range of Rs 911.35 to Rs 2,496.00. The company’s market capitalisation currently stands at about Rs 73.72 billion. Its shares trade at a price-to-earnings multiple of 177.28.

Separately, the company earlier intimated regarding closure of its trading window for insiders and designated persons ahead of its quarterly and half-yearly financial results for the period ending September 30, 2025. The window will remain closed from October 1 until 48 hours after the declaration of results.

Raymond Lifestyle Limited, formerly known as Raymond Consumer Care Limited, is a publicly listed company with its shares traded on the National Stock Exchange of India Limited under the symbol RAYMONDLSL and on the BSE Limited with scrip code 544240.

The company’s corporate office is located in Thane (West), Maharashtra, while its registered office is situated in Chhatrapati Sambhajinagar, Maharashtra. The head office is based in Mumbai.

Income Tax Raids on Private Universities in Karnataka and Andhra Pradesh

Income-Tax Officials Conduct Raids on Private University in Bengaluru

Bengaluru: Income-tax officials carried out extensive raids on Wednesday targeting premises associated with a private university in Bengaluru and locations outside Karnataka.

This operation was prompted by allegations of tax evasion and a significant increase in assets that appeared disproportionate to the university’s declared income.

The raids commenced at 6 am and were executed simultaneously across multiple campuses in southern Bengaluru and in Andhra Pradesh, according to sources. Officials are investigating claims that the university group’s assets greatly exceed its reported income, and are currently reviewing financial records. The inquiry includes examining expenditures attributed to college development, furniture purchases, and the collection of student fees.

Additionally, the investigation is focusing on student admissions, with officials verifying information regarding the number of students admitted through both management and government quotas. Furthermore, the count of college employees is also under scrutiny as part of the broader inquiry into the institution’s financial practices, the sources added.

IT Department conducts major raids on ceramic companies in Morbi, uncovers benami accounts worth Rs 250 crore

Major Tax Evasion Exposure in Morbi’s Ceramic Industry

In what is being termed as the biggest tax evasion exposure of the year, the Income Tax Department’s mega search operation on the well-known Lavish and Metro Ceramic Group in Morbi has shaken the industrial world of Saurashtra. The ongoing raid has so far led to the seizure of Rs 11 crore in unaccounted cash and Rs 5 crore worth of jewellery, while investigators have also unearthed benami accounts valued at over Rs 250 crore.

“This operation has sent shockwaves through Gujarat’s ceramic industry. The scale of unaccounted wealth discovered so far is unprecedented,” said a senior IT official on condition of anonymity.

250 Officers in Action, 40 Locations Raided

Under the leadership of the Joint Commissioner of the Rajkot Investigation Wing, nearly 250 Income Tax officers, backed by a technical team and police convoy, launched simultaneous raids at 40 locations linked to Lavish, Levia, Metro, Modern, and Edenhill ceramic groups. Notably, 30 of these premises were the residences of the owners and partners, highlighting the personal scale of wealth hoarding.

On the very first day, IT sleuths seized Rs 3 crore in unaccounted cash from the Rajkot residence of a partner. As the operation progressed, the tally rose sharply, reaching Rs 11 crore in cash and Rs 5 crore in gold and jewellery by the second day.

Top Ceramic Industrialists Under Scanner

The crackdown has also brought top industry figures into the spotlight. Former Ceramic Association president Rajubhai Dhamasana, along with partners Dhirubhai Rojmala and Jitubhai Rojmala, are among those under investigation. Their accountants too are reportedly being probed for their role in managing benami accounts and concealing profits.

₹250 Crore Benami Accounts Found

According to IT sources, the group was allegedly suppressing profits from tile production to evade taxes on a massive scale. The Department had been quietly investigating their financial activities for five months before moving in with this full-scale operation. “Preliminary findings show benami transactions exceeding Rs 250 crore. This could increase further once digital data analysis is completed,” an official revealed.

Digital Data Could Widen Probe

A major focus of the investigation is the group’s digital records. Laptops, servers, and storage devices seized during the raid are being scrutinized. Officials believe these may provide deeper insights into layered transactions and hidden financial trails.

“The real story will unfold once digital evidence is decoded. That’s where the actual scale of tax evasion will come to light,” said a source close to the probe.

Panic in Saurashtra’s Business Circles

The raids are nearing completion, with on-ground searches expected to conclude by Friday. However, verification of seized digital data and documents will continue. The operation has also extended to two Angadiya firms in Morbi.

IT Department Operation: 10 Teams Raid CapsGold and Vasavi Group, Panic in Market

Income Tax Raids on CapsGold and Vasavi Group Constructions

Income Tax officials conducted raids on Wednesday at various locations of CapsGold, a prominent jewellery firm, and Vasavi Group Constructions across multiple cities, amid suspicions of tax evasion. Reports indicate that at least 10 Income Tax teams engaged in searches, focusing on company transactions related to operational activities and tax payments.

CapsGold, which was previously known as Chanda Anjaiah Parameshwar (CAP), has a rich history dating back to 1901 as a family-owned business. Over the years, it has evolved into one of India’s leading merchants in gold and silver bullion. The company, which boasts a Hallmark Certification, is among the top three bullion merchants in the country. Its official website underscores accountability, integrity, and reliability as its core values. The firm is presently chaired by Chanda Parameshwar. As of now, no official confirmation has been made regarding the tax evasion allegations against the companies.

Krithika Infra MD Arrested for Fraud

In another development, police in LB Nagar have arrested Dumavatu Srikanth, managing director (MD) of Krithika Infra Developers, for allegedly duping nearly 50 buyers out of around Rs 20 crore through pre-launch offers. Authorities revealed that Srikanth, who was arrested on September 13, is implicated in over 15 cases. Victims reportedly invested between Rs 20 lakh and Rs 50 lakh each for plots that were never delivered. The investigation is ongoing as authorities work to uncover more details about this fraudulent scheme.

Big Tax Raid Rocks Pune Builders Mittal brothers & Kohinoor group

Income Tax Raids on Major Business Groups in Pune

In a significant development, the Income Tax department has conducted raids on prominent business groups in Pune, including Mittal Brothers and Kohinoor Group. The Mittal Brothers group, in particular, has faced previous scrutiny from the Enforcement Directorate (ED) in connection with the Honest Shelters LLP project in Mumbai.

Pune Local Events

This recent action aligns with a directive from the Maharashtra Real Estate Regulatory Authority (MahaRERA), which ordered the recovery of nearly Rs 90 crore from Honest Shelters Pvt Ltd, the promoters of the Palais Royale project in Worli. The penalty was imposed due to the company’s failure to comply with earlier directives regarding delayed possession of flats.

The ramifications of these raids and penalties are yet to be seen, but they mark a crucial moment in the real estate sector in Pune and the oversight measures being implemented by regulatory authorities.

Income Tax department conducts big raid on footwear giant, footwear shares shaken due to tax raid

Red Robin Shares React to Income Tax Department Searches

Shares of Red Robin, the popular footwear and clothing maker, on Tuesday, September 16, informed the stock exchanges that the Income Tax Department conducted search operations at some of its offices between September 11 and September 16, 2025.

Income Tax Raid on RedTape

In a filing to the exchange, the company stated that it has fully cooperated with the tax authorities throughout the search, submitting all required clarifications and documents. RedTape also assured stakeholders that its business activities remain unaffected and continue as normal.

We will continue to provide additional information or clarifications as required and fulfill our disclosure obligations under the law, from time to time,” the company emphasized in the filing.

RedTape Splits from Mirza International

RedTape went public on the stock exchanges in August 2023 following its separation from Mirza International, a move that had been in the works since November 2021. At the time of the demerger announcement, RedTape represented nearly 55% of Mirza International’s total sales, highlighting the brand’s significant contribution to its parent company’s revenues. This split was officially approved by the National Company Law Tribunal (NCLT) in February 2023. Despite the separation, the Mirza family retains a 71.80% stake in RedTape Ltd as the promoter.

RedTape Stock Performance

In light of the tax-related developments, the market reaction has been somewhat subdued. On Monday, RedTape shares closed 1.06 percent lower at Rs 137.24. However, the stock has seen positive momentum over the past few weeks, gaining 10 percent in the last month.

About RedTape

RedTape has established itself as a leading global footwear and clothing brand for men, women, and kids, offering world-class quality and international style in footwear, apparel, and accessories. With a presence in 17 countries across six continents, including India, the UK, the USA, and Australia, the brand continues to expand its reach.

IT raid in Jaipur-Kota: Safes worth crores recovered from under tiles, piles of gold-silver and currency notes recovered

Income Tax Raid: The search operation of the Income Tax Investigation Team in Jaipur continues today, which has created a sensation in the entire area. Under this campaign, action has been completed at 6 locations so far, while raids are still going on at 24 locations. During the investigation, a large amount of gold and silver jewelry and cash were recovered from the safes hidden under the tiles, which shows the seriousness of this action.

According to sources, so far cash worth Rs 3 crore and jewelery worth Rs 10 crore has been evaluated, which highlights the complexity of this case. Apart from this, property transactions worth crores of rupees are being accounted for, and the process of opening some lockers has also been started, which is expected to lead to more big revelations.

This action is focused on a total of 30 locations in Jaipur and Kota, in which the Income Tax Department is eyeing the directors of High Fly Real Estate, Gokul Kripa, VRB Developers, Bhumija Developers, Riyasat Group and Kisan Real Estate and Developers, including their associates.

These companies and individuals are accused of black money and cash transactions, which is being thoroughly investigated. This raid is expected to reveal evidence of illegal transactions and tax evasion worth crores of rupees, which indicates a deep network of corruption in the local real estate sector.

This action of the Income Tax Department has not only become a challenge for the operators of these companies, but is also raising questions about law and order and economic transparency in the area. All eyes are on the progress of the investigation, as it is expected that many big names will be exposed.

IT Raid in Rajasthan: 18 locations raided in Jaipur and Kota for real estate and pan masala business

Income Tax Department Conducts Major Raid on Real Estate and Pan Masala Businesses in Jaipur and Kota

The Income Tax Department launched a significant operation on Tuesday, executing simultaneous searches at 18 locations associated with real estate and pan masala businesses in Jaipur and Kota. Nearly 150 officers and staff were mobilized for this extensive raid.

According to officials, the drastic action was initiated in response to complaints regarding tax evasion, substantial cash transactions, undeclared income, and the use of forged documents. Investigators believe that the raids could potentially uncover substantial amounts of cash, benami properties, and concealed assets.

Among the entities being scrutinized by the Income Tax Department is the High Fly Real Estate Group in Jaipur, where eight locations were reportedly targeted. This group is suspected of conducting large-scale cash transactions in property deals and utilizing black money. More information regarding these raids is pending.

In addition to the real estate group, the Income Tax officers are also probing three locations tied to Siddheshwar Gums (Signature Pan Masala) in Kota, which faces accusations of maintaining irregular financial records and tax evasion. Furthermore, six locations associated with the Gokul Kripa Group (BRB Developers) in Jaipur are under investigation, with allegations including undeclared income and dubious property transactions.

The raids commenced in the morning and are expected to extend into the late hours of the night, as teams examine documents, computer systems, and digital records at all searched locations. Sources have suggested the potential for significant recoveries of cash and incriminating documentation.

Officials noted that these groups had been under scrutiny by the department for several months, particularly highlighting the real estate sector for issues related to benami deals, black money transactions, and complex financial structuring aimed at hiding undeclared wealth.

As of now, the Income Tax Department has not issued an official statement regarding the raids. Details regarding seizures and findings are anticipated once the searches conclude. The operation has instilled a sense of panic within business circles in Jaipur and Kota, particularly among those connected to the targeted groups.

Income Tax Raid Targets Industrialist Jaikaran Daftari in Bihar

The Income Tax (I-T) department conducted extensive raids at multiple locations linked to industrialist Jaikaran Daftari in Kishanganj and Katihar on Friday. The operation involved over 40 locations across various states, including Bihar, Gujarat, Rajasthan, and West Bengal, as part of an investigation into alleged tax evasion and financial irregularities.

Jaikaran Daftari’s business portfolio includes diverse sectors such as tea gardens, malls, clothing, furniture, contracting, hotels, and vehicle sales. In addition to Daftari’s properties, raids were also executed at the residence and warehouses of Rajesh Chaudhary, a prominent maize trader in the region.

According to a police source, the raids in Kishanganj commenced at 7 AM, supported by a convoy of 108 vehicles. Local police and paramilitary forces were deployed to maintain order during these operations, which aimed to uncover crucial documents and evidence related to alleged illegal financial transactions.

The operation was conducted jointly by the Bihar and Jharkhand I-T teams, focusing on multiple sites, including his mart, mall, hotel, and furniture store,” stated the police source.

In parallel, officials from the I-T department conducted raids at Chaudhary’s properties, specifically targeting seven maize warehouses located in Kursela, Naugachia in Bhagalpur district, as well as in Bhagalpur city and one in Khagaria. The scrutiny of documents and property-related papers was intensified, considering Chaudhary’s influential status in the region.

During the raids, media personnel attempted to capture footage of the events; however, police and agency officials intervened to ensure that all recordings were deleted, highlighting the sensitivity of the operation.

As the investigation unfolds, further developments are anticipated in the case, shedding light on the financial activities of those involved.

Income Tax Dept uncovers 800 crore CSR fund; details here

Income tax investigators have uncovered a corporate social responsibility (CSR) fund siphoning racket worth over ₹800 crores, after raiding 30 locations across six states, IT officials said on Saturday.

The Income Tax Investigation Unit in Agra carried out searches in Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, West Bengal and Madhya Pradesh since August 19, targeting non-profit organisations suspected of misusing CSR donations mandated under Section 135 of the Companies Act, a senior Income Tax official said.

The ongoing operation, directed by the principal director of Income Tax (Investigation) in Kanpur, is still continuing with major findings related to tax evasion worth several crores expected, an official requesting anonymity said.

“While busting the entire complex network, the Income Tax investigation officers have found another piece of evidence which suggests bogus remittances of more than 10,000 crore outside of the country to foreign countries like Hong Kong, Singapore, Malaysia, China etc,” he added.

Three trusts have emerged as central to the elaborate scheme: Jan Jagriti Sevarth Sansthan in Mathura, Dr Brajmohan Sapoot Kala Sanskriti Seva Sansthan in Bhilwara, Rajasthan, and Raginiben Bipinchandra Sevakarya Trust in Ahmedabad, Gujarat.

Officials said the searches revealed that these three trusts were involved in allegedly siphoning off more than ₹800 crores worth of CSR donations.

“Although these organisations claimed to operate in education, health, employment and social welfare sectors, search investigations revealed that these trusts were not involved in any charitable activities,” the official explained. “The investigation has found that not a single penny has been invested in any kind of social work.”

According to officials, the searches uncovered a complex network of several bogus and shell companies, managed by a group of chartered accountants and controllers of these trusts, which facilitated the diversion of CSR funds to foreign jurisdictions.

The crackdown highlights growing concerns over the misuse of India’s vast non-profit sector. A senior official said that India has more than three million NPOs (non-profit organisations), and government funds along with mandatory corporate social responsibility requirements provide substantial funding to the sector annually.

Tax officials said money laundering risks within the NPO sector have been tied to abuses of Section 135 of the Companies Act, with companies channelling mandatory CSR funds into fake trusts that then covertly reclaim the money through cash withdrawals or complex financial transactions.

The investigation spans Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, West Bengal, and Madhya Pradesh, and has uncovered substantial incriminating evidence against various corporate entities, trusts, shell companies, chartered accountants, and diamond merchants involved in the tax evasion scheme, officials said.

Tax Raids Target Ex-Chevella MP Ranjith Reddy and DSR Group in Hyderabad

Income Tax Raids on Former MP G Ranjith Reddy and DSR Group Executives in Hyderabad

HYDERABAD: Income Tax officials conducted searches at the residences and offices of former Chevella MP G Ranjith Reddy in Hyderabad, as well as at the offices and residences of the managing director, CEO, and other senior executives of the DSR Group, from the early hours of Tuesday.

According to sources, 15 teams of I-T officials carried out the raids at multiple locations, including Jubilee Hills, Banjara Hills, SR Nagar, and Suraram in Hyderabad, along with premises in Bengaluru and Nellore. The searches were linked to suspected financial irregularities and tax evasion over the past three years.

Officials reportedly found discrepancies in filed returns, with income details allegedly suppressed. They are said to have recovered agreements, vouchers, logbooks, and other material evidence pointing to off-record transactions not reflected in I-T filings. Sources indicated that Ranjith Reddy had been involved in joint ventures with the DSR Group in recent years.

The I-T teams are examining transactions between Ranjith Reddy’s companies and the DSR Group in connection with certain construction projects, some of which were allegedly not fully disclosed in returns. Preliminary findings suggested differences between declared income and actual financial activity. Several documents related to agreements between DSR and Ranjith Reddy’s companies were reportedly seized.

The searches were expected to continue late into Tuesday night. Agency officials are likely to summon those concerned to furnish details, including bank statements, I-T returns, and supporting documents. Sources also mentioned that raids were conducted at Srinivasa Constructions, linked to Venkata Krishna Reddy, who faces allegations in the Andhra Pradesh liquor scam case in connection with key accused Raj Kesireddy. Officials reportedly seized several agreements between Srinivasa Constructions and the DSR Group, which are said to have executed several projects as a joint venture.

Big update on the Income tax department investigation personal chats, other apps to be analysed

major privacy debate has emerged around the new proposed Income Tax Bill, 2025, which allows tax officials to access taxpayers’ digital devices, social media accounts and private emails during search and seizure operations. This new Bill was introduced in the Lok Sabha in February this year, during the Budget session of Parliament. The new proposed Income Tax Bill, 2025, seeks to replace the Income-Tax Act, 1961. The Bill was then referred to the Select Committee of the Lok Sabha, which submitted its detailed report in Parliament on July 21, with several key suggestions.

In the new Income Tax Bill, there is one provision that triggered a major debate among taxpayers in the country. This provision is about allowing tax officials to break into and access taxpayers‘ social media accounts, personal emails, bank details, etc. Surprisingly, the Select Committee has not recommended any changes in the provision.

Amid growing concerns about possible misuse of personal data, CBDT Chairman Ravi Agrawal has clarified that only relevant financial data will be examined, and personal chats will be redacted.

The Income Tax Department is now preparing to take special care of the privacy of the taxpayer during digital searches. In an interview with the Indian Express, the CBDT chairman has said that when the Income Tax Department collects data from a digital device, its entire content is secured as evidence. But during the investigation, only the necessary information will be seen from it.

Only relevant financial data will be analysed out of full content, says CBDT chairman

Agarwal clearly said that, “While the full content of a device (like WhatsApp messages) may be captured to maintain evidentiary integrity, only relevant financial data will be analysed.” That is, even if WhatsApp chats have been backed up from a mobile phone or laptop, only the tax related information will be made a part of the investigation.

He also added that, “Irrelevant personal chats will be redacted during the investigation.” That is, personal chats that are not related to tax will not be included in the report and will be ignored.

Taxpayers’ concerns on privacy justified, says CBDT chief

The CBDT chief admitted that the concerns of taxpayers about privacy are absolutely justified. Therefore, the department is now creating a digital manual, so that there is a fixed process for checking data during search operations. This manual will ensure that only authorized officers can access limited and necessary data.

The purpose of this new initiative is to protect the privacy of taxpayers and strengthen the credibility of the Income Tax Department.

Agarwal said that to maintain balance in the process of investigation, it is important that the department uses only as much data as is necessary.

This step is a relief for those taxpayers who were till now afraid that their personal data could be misused.

Income Tax raid: He used to file returns by calling himself a CA, department team is scrutinizing documents on the spot, search operation continues

IT raid has been conducted at the house of a person in Bhilwara, this person used to file returns of people by calling himself a CA. Today after 8 am, the IT team reached his house and the documents are being checked here.

At present, the details of what the matter is and how many properties it is related to are not known, but according to informed sources, the team has reached to investigate a case of a big land scam.

The matter is of Tilak Nagar Street No. 5 of Kotwali police station area. The IT team reached the house of Rajesh Khoiwal living here to raid this morning. Rajesh used to call himself a CA and used to file returns of people and also used to look after the work of income tax.

Along with the information of his fake work to the IT team, the whole matter is being told to be related to a big land scam, although no official information has been given by the department on this matter.

Income Tax Department Action raid at private hospital and doctor’s house, machine ordered for cash counting

The Income Tax Department team took action and raided the doctor’s hideouts. After which, during the raid, the department found a large amount of cash.

Income Tax Raid: The Income Tax Department has taken a major action in Jodhpur, Rajasthan. Here the Income Tax team has reached a private hospital and a doctor’s house to raid on Friday (30 May) night. It is being told that the Investigation Wing of the Income Tax Department had received information about the presence of crores of rupees in cash at the doctor’s house. After which the Income Tax team has reached the house to raid. The Income Tax Department team has ordered a cash counting machine, after which it is being said that crores of rupees have been seized here.

However, it is not yet known how much money was seized from the doctor’s house. The Income Tax Department’s action is ongoing.

Cash recovered in four suitcases

After confirming the information, the department’s team raided the doctor’s residence and the hospital premises at around 8:30 pm on Friday night. During the operation, cash kept in four suitcases was recovered, for counting which cash counting machines have been ordered. The team has started questioning both the parties involved in the deal – the buyer and the seller – by making them sit on the spot.

Investigation has revealed that the deal for Vardaan Hospital was done for around Rs 7 crore. Out of this, Rs 4 crore was being paid illegally in cash, while the deal amount was shown much less in the registry. According to Income Tax officials, investigation of documents and cash related to the deal is going on. Adequate police force has also been deployed on the spot.

At present, the exact counting of cash is going on and the department’s team is investigating the whole matter in depth. The actual amount of cash will be confirmed only after the counting is completed.

The Income Tax Department team is currently engaged in investigation and further action is underway. The Income Tax Department may soon make big revelations in this regard.

Income Tax Department Conducts Raids on Arihant Superstructures in Navi Mumbai Amid Tax Evasion Accusations

Arihant Superstructures Faces IT Department Raids Amid Allegations of Tax Evasion

Navi Mumbai-based real estate company Arihant Superstructures is currently under scrutiny as the Income Tax department has reportedly conducted raids at the company’s premises.

IT Department Raids Arihant Superstructures

The raids are part of an investigation into allegations of tax evasion and undisclosed income. In a statement, the company confirmed the action taken by the tax authorities, noting that the Income Tax department conducted a raid not only at its premises but also at those of the Global Group.

In its defense, Arihant Superstructures emphasized its commitment to transparency, asserting that no irregularities were uncovered during the raids. The infra group claimed to have provided all necessary documents to the officials as had been requested.

Arihant Superstructures has a significant presence in the Mumbai Metropolitan Region (MMR) with 14 ongoing projects, alongside a few developments in Jodhpur. Over the past 20 years, the company asserts it has successfully completed about 9,500 residences, totaling approximately 10 million square feet. The company is led by Ashok Chhajer.

Company Shares Drop

Following the disclosure of the news regarding the raids, the company’s shares have seen a decline in value. Initially, the shares opened flat, trading cautiously, but soon experienced a drop after the news broke. By the time of writing, just before the close of trading on Wednesday, the company’s shares had dipped.

At that point, the decline in the company shares stood at 0.53 percent or Rs 2.10, bringing the overall value of the shares to Rs 392.10 per piece. This drop has contributed to an overall decline of 5.97 percent or Rs 24.85 per piece over the past five trading sessions.

Bengaluru: Income Tax Raids on Prestige Group Over Alleged Tax Evasion

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.

Income Tax Department Raids Film Producers Following Recent Blockbuster & Pushpa 2 Success

The Income Tax Department executed raids on Tuesday at the residences and workplaces of notable film producers Dil Raju, Ravi Shankar Yalamanchili, and Naveen Yerneni in Hyderabad. These individuals are behind the recent projects such as Game Changer, Sankranthiki Vasthunam, and Pushpa 2: The Rule.

IT Raids on Film Producers

According to sources, law enforcement conducted searches at eight different sites across Hyderabad, including the homes, offices, and an online platform associated with these producers. Dil Raju, whose full name is Velamkucha Venkata Ramana Reddy, is a significant figure in the Telugu cinema scene and the owner of Sri Venkateswara Creations. Recently, he was appointed as the chairman of the Telangana Film Development Corporation. Both Ravi and Naveen are co-founders of Mythri Movie Makers, also well-established in the film sector.

These raids come in the wake of the success of Venkatesh’s Sankranthiki Vasthunam for Raju, along with Pushpa 2: The Rule starring Allu Arjun, produced by Ravi and Naveen. Additionally, Raju was involved in producing Game Changer, which received a mixed reception. All three films had substantial budgets and were launched recently. Reports indicate that the investigations are aimed at suspected tax evasion, with more information expected to be released soon by the IT department.

According to Sacnilk, Pushpa 2: The Rule has grossed ₹1228.25 crore net across India and ₹1734.65 crore worldwide since its premiere on December 5. Game Changer has brought in ₹125.4 crore net in India and ₹179.55 crore globally following its release on January 10. Sankranthiki Vasthunam earned approximately ₹122.78 crore net in India since its debut on January 14.

Recent Film Projects

Dil Raju’s Sri Venkateswara Creations gained fame and financial success in the early 2000s with hits like Dil, Arya, and Bommarillu. In 2023, he produced Varisu featuring Vijay and co-produced Shaakunthalam starring Samantha Ruth Prabhu. More recently in 2024, he was involved with the Vijay Deverakonda film The Family Star and Game Changer, while Sankranthiki Vasthunam was released in 2025.

As for Ravi and Naveen of Mythri Movie Makers, they made their production debut with the films Srimanthudu (2015) and Janatha Garage (2016). They have also supported significant films such as Rangasthalam, Dear Comrade, and Gang Leader. Following their work on Pushpa 2: The Rise, they are producing several upcoming projects, including Ajith Kumar’s Good Bad Ugly, Sunny Deol’s Jaat, Pawan Kalyan’s Ustaad Bhagat Singh, and Rishab Shetty’s Jai Hanuman.

Income Tax Department Radar for Benami Properties transactions linked to high-value properties

7 IAS, 13 IPS Officers of UP Under Income Tax Radar for Benami Properties

The Income Tax Department has initiated a comprehensive inquiry into large-scale land acquisitions in Uttar Pradesh, placing several senior officials and political leaders under scrutiny. The department’s Benami Property Cell is currently reviewing land purchases made over the last six years. Notable figures involved include eight IAS officers, 13 IPS officers, seven politicians, and one retired IAS officer.

The Investigation Process

This investigation concentrates on the acquisition of plots that exceed 1,000 square meters, particularly in prime areas where property values are significantly elevated. The department is comparing these acquisitions with the owners’ Income Tax Returns (ITRs) to verify whether the properties were properly disclosed. They are examining payment methods, bank transactions, and the relationships between property buyers and their family members.

According to sources, the Lucknow Development Authority (LDA) has provided a list of 242 individuals associated with these transactions. This list spans 16 years of data, but the primary focus of the investigation is on activities from the past six years.

What’s Under Review?

The Benami Property Cell is reviewing several key aspects:

High-Level Monitoring

A specialized team, composed of senior officials, has been established to lead this investigation. Junior officers are assigned to conduct meticulous examinations, and findings are routinely communicated to the department’s headquarters. Contributions from other departments are also being gathered to enhance the investigation.

Significance

This investigation underscores the heightened vigilance of the Income Tax Department toward benami transactions and undisclosed assets. By scrutinizing high-value land deals, the department aims to uncover potential financial discrepancies and promote transparency in property exchanges.

The ongoing inquiry could expose widespread irregularities and may result in significant legal repercussions for those found culpable. This case serves as a strong reminder to individuals attempting to evade tax regulations and hide wealth through benami transactions.

Gang of Fake Income Tax Officers Unmasked: Seven Arrested

Gang of Fake Income Tax Officers Arrested in Dahod

A group of individuals posing as Income Tax (I-T) officers conducting raids in Sukhsar village, Fatepura, Dahod, has been apprehended by the police. The gang, which consisted of seven members from various professions, included a GST inspector from Vadodara, who conspired to orchestrate a phony raid at the premises of a businessman involved in textiles and money lending.

They initially demanded ₹25 lakh from the businessman but ended up extorting ₹2 lakh as a settlement. Growing suspicious of their intentions, the businessman contacted the police, leading to the arrest of five of the fake officers, while two others managed to flee the scene.

The conspirators identified include Abdul Gundia, a land broker from Dahod; Rakesh Rathod, a railway ward boy; Bhavesh Acharya, who worked as an outsourced employee for the Ahmedabad police; and Umesh Patel, Manish Patel, Vipul Patel (a GST inspector from Vadodara), alongside Nayan Patel from Surat. Together they devised this deceitful scheme.

Approximately 25 days earlier, they conducted surveillance at the shop owned by Alpesh Prajapati, a businessman dealing in textiles and money lending. Abdul and Rakesh had previously scouted the location.

Assuming the role of Income Tax officials, the gang conducted a raid at Alpesh Prajapati’s shop in Sukhsar, scrutinizing account records and customer jewelry. They initially demanded ₹25 lakh and, after negotiations, the businessman surrendered ₹2 lakh, being told to procure the remaining amount from Zalod.

While en route to Zalod with the group, the businessman became skeptical and requested identification from the supposed officers. When they failed to provide any, they attempted to escape.

Promptly, the businessman informed the police, who swiftly arrived at the scene. Five members of the gang were apprehended, while two others managed to elude capture. The police are currently working diligently to track down the absconding suspects.

Vipul Patel, a GST inspector from Anand, was identified as the mastermind behind the phony raid. He transitioned from being a clerk in the state GST department to an inspector after 16 years of service, ultimately driven by greed. He collaborated with his relatives Umesh and Manish in executing the scam.

Gundia and Rathod became aware of the businessman during a visit to the Dahod court. Lured by the promise of quick cash, they joined the conspiracy. Rathod, with four prohibition cases against him and a background as a witness in previous cases, remains on the run.

Acharya, one of those arrested, was working as an outsourced staff member at Vivekananda Nagar Police Station in Ahmedabad. He also had roles as an RTI activist and journalist, while Umesh served as a home guard at the same police station.

The investigation continues, with authorities actively pursuing the remaining two suspects.

Sonu Sood Addresses Income Tax Raid, Reveals His Home Has No Locks…

Sonu Sood Addresses 2021 Income Tax Raid, Reveals His Home Has No Locks And Is Open For Everyone

Bollywood actor and philanthropist Sonu Sood emerged as a messiah for the needy during the COVID-19 pandemic. From helping migrants reach home to providing food and other supplies to the poor, he left no stone unturned. So, when reports of income tax raids at his home surfaced online, his fans were shocked. The actor was accused of evading Rs 20 crore in taxes. However, no evidence was found against him after the search by authorities. In a recent interview, he spoke about the raid.

Sonu Sood on income tax raids

He told Jist, “None of the cupboards in my house have any locks on them. Even my house does not have any locks. In my house, when we wake up in the morning, we open the gate so anyone can come in. This has been the case for many years now. I am comfortable saying this on camera, it’s completely okay. When they came over, they saw everything. They were doing their duty and I was doing mine. Even at that time, there were thousands of people who were queued up outside my house.”

Did Sonu Sood see it coming?

The Dabangg actor further spoke about how every path comes with its own set of challenges. He said that no journey is complete without obstacles. Sood added, “So I think you should be prepared for that, and I was prepared for that. People can troll you, bother you, but you can’t stop working. I continued, and eventually, everything was sorted out. It’s been four and a half years now, and people still queue up outside my house.

Meanwhile, on the film front, Sonu is gearing up for the release of his upcoming film Fateh. Also starring Jacqueline Fernandes, it is set to hit the screens on January 10.

52 Kg Gold, 10 Crore Cash Recovered From Car: Income Tax Department’s big action

The Income Tax Department has been in full action mode for the last three days and has been conducting raids in Madhya Pradesh’s Bhopal. In its raids, the IT Department is targeting the residences and business locations of prominent traders. This crackdown has caused panic among the business community, with many attempting to hide their black money.

Amid these raids, the Income Tax Department received information about certain traders planning to dispose of gold and cash. It was reported that a car was being used for this purpose. Acting on this tip-off, the Income Tax team launched a raid at 2 AM in the Mandora jungle area of Ratibad. There, they discovered an abandoned car.

Detailed analysis of what the IT Department discovered during raids and how massive the recoveries were. 

Upon searching the vehicle, the team found 52 kilograms of gold and cash worth 10 crore rupees. The value of the seized gold is estimated to be around 40 crore 47 lakh rupees.

The car in which the gold and cash were found reportedly belongs to Chetan Gaur, a friend of Saurabh Sharma, whose residence had been raided by the Lokayukta team the previous day. Additionally, 1.7 crore rupees were recovered from Chetan Gaur’s house.

Currently, a joint team of the Income Tax Department and the police is investigating whose gold and money it is and where it was being transported.

IT Raids In MP

Madhya Pradesh police and Income Tax officials recovered 52 kg of gold worth over Rs 40 crores and Rs 9.86 crores in cash from an abandoned car in the state capital, Bhopal, on Thursday late at night, a police official said on Friday.

The case was parked abandoned near Mendori-Kushalpur Road under the jurisdiction of Ratibad police station limits in the state capital. On getting the information, the police reached the spot, seized the amount, and an investigation into the matter was underway, the police added.

Deputy Commissioner of Police (DCP, Bhopal Zone-1), Priyanka Shukla, told ANI, “On Thursday night, we received information that there is an abandoned car near Mendori-Kushalpur road under Ratibad police station limits. Acting on it, the police reached the spot and found that there were around seven or eight bags inside the car. It was suspected that due to the raid action of IT and other departments in the last few days, someone might have left its property there.

Later, the police informed the Income Tax Department about the matter, following which the officials reached the spot, broke the glass of the vehicle, and took out the bags kept inside the car, the officer said.

Income Tax Department big raids mining firms over Rs 100 crore scam

The Income Tax (IT) Department on Tuesday conducted simultaneous raids at multiple locations across India in connection with an alleged ₹100 crore scam involving two Odisha-based iron ore mining companies.

Sources within the IT Department confirmed that the raids targeted properties linked to MGM Minerals Limited and M/s SN Mohanty in Bhubaneswar, Rourkela, Joda, Kolkata, New Delhi, Ghaziabad, and Gurugram.

The investigation stems from findings in the 2022 Comptroller and Auditor General (CAG) report, which exposed discrepancies in the operations of at least 25 iron ore mining companies. Scrutiny of the report revealed MGM and SN Mohanty as the primary beneficiaries of the alleged scam.

According to IT Department sources, the firms reportedly misrepresented the quality of iron ore and deliberately underestimated its grade. This manipulation allowed the companies to pay lower royalty rates, resulting in significant revenue losses for the Odisha government.

The decline in the grade of iron ore indicated that the lessees were misreporting the grade of iron ore produced in an attempt to avoid higher royalty and premium payable on higher grades,” said the sources.

Further investigation revealed the involvement of MGM and SN Mohanty in hawala transactions and round-tripping of funds. Allegedly, the illicit funds were transferred to the British Virgin Islands and subsequently brought back to India.

The SN Group is accused of using these funds to establish another mining company, Kai International Private Limited. “The raids were launched at about 6 am on the day. More details about the seizures, if any, will emerge in the next few hours,” added IT Department sources.

Income Tax Department Raids Uncover ₹150 Crore in Hidden Transactions

I-T Raids on Builders Reveal Unreported Transactions of Rs 150 Crore

Ahmedabad: In a significant action before Diwali, the state income tax (I-T) department conducted extensive searches across around 30 locations linked to builders and their associated firms. Initial reports indicate that unreported transactions totaling approximately Rs 150 crore were uncovered during these operations.

The valuation of the gold and silver ornaments seized is pending, as bank lockers remain to be opened, according to sources.

Sources further revealed that the firms under scrutiny allegedly made fraudulent entries to evade taxes and conducted substantial cash transactions for property dealings. Given that many of these evasions pertain to GST, the Directorate General of GST Intelligence (DGGI) has been informed for an independent investigation.

The raids targeted areas in Vadodara, Surat, and Ahmedabad, with some transactions identified as property barters. In total, over Rs 3 crore in cash was seized, alongside cash ledgers documenting various financial activities.

Income Tax Raids on Truecaller: What You Need to Know


Truecaller Under Investigation: Impact on Spam Blocking Services

The Income Tax Department initiated an investigation into caller ID and spam blocking app Truecaller for alleged violation of transfer pricing regulations and conducted raids at multiple locations on Thursday morning.

The taxmen conducted raids on Truecaller’s head offices at Gurugram and other premises linked to the mobile app with 40 crore Indian users to screen spam calls. India accounts for 80% of Truecaller revenues and over 70% of daily active users came from the Indian market.

The Stockholm based Truecaller had last month launched Fraud Insurance in partnership with HDFC Ergo to offer additional protection to premium subscribers in case they fall victim to fraud.

The tax authorities have enhanced scrutiny on transfer pricing regulations to ensure that transactions between related entities across borders are conducted at market value, preventing profit shifting to lower-tax jurisdictions. The tax probes on multinational corporations to ensure compliance in the tech and digital sectors has been widened to plug revenue leakages.

Multi-City I-T Raids in Gujarat Result in ₹10 Crore Seizure

Major Raids in Gujarat Result in ₹10 Crore Cash Seizure

In a significant operation, the Income Tax (I-T) Department conducted raids on the Nyalkaran and Ratnam Groups across multiple locations in Gujarat, including Surat, Vadodara, Ahmedabad, and Rajkot. The raids commenced on Wednesday and continued into Thursday, resulting in the seizure of ₹10 crore in cash.

The operation involved not only the I-T officials but also officers from the Directorate General of Goods and Services Tax Intelligence (DGGI), who participated due to the involvement of these groups in suspected Goods and Services Tax (GST) evasion.

The Nyalkaran Group’s offices located on Dabhoi Waghodia Road, along with the residences and offices of its key partners—Nitin Wadwana, Shailesh Patel, Shubhang Brahmabhatt, Hitesh Katharotiya, and Deepak Savalia—were targeted during the raids. Similarly, the promoters of the Ratnam Group—including Nilesh Sheth, Nisarg Sheth, Sunny Sheth, Chirag Hasmukh Shah, and Anurag Jain—were also under scrutiny.

During the investigations, authorities gathered details regarding property transactions handled by these firms. Initial reports indicate that flats were exchanged for various other properties, including lands, often at values below the market rates. Moreover, it was noted that some transactions were conducted in cash.

Beyond their involvement in real estate, both groups reportedly have interests in other businesses. There have been large cash transactions with farmers facilitated through land brokers, who have also been detained by I-T officials on the basis of similar allegations.

In addition to the aforementioned groups, two other companies—Kheda Industrial Private Limited, owned by Rajkot-based Manoj Valecha, and Kami Color Cera Private Limited, headed by Ravi Mansukh Jasani in Morbi—were also subjected to raids. These companies, known for their stone machinery manufacturing and ceramics business, were found to possess cash and jewellery. DGGI officials were involved here as well, as it was believed that some of the Rajkot-based companies were also evading GST.

As of now, the raids remain ongoing, with authorities continuing their thorough investigations into the financial activities of the implicated parties.

Top 10 Biggest Income Tax Raid

According to the provisions of the Income Tax Act of 1961, the Income Tax Department of India can conduct IT raids to curb instances of tax evasion and black money hoarding. Over the years, the IT Department has conducted some of the biggest income tax raids in India to confiscate undisclosed cash, assets, and wealth. In this article, we uncover 10 of the biggest income tax raids in India that helped curb tax fraud in the country.

What is an Income Tax Raid?

An income tax raid is carried out when the IT Department has reason to believe that an individual or business has illegal money or undisclosed assets. IT raids are technically called Search and Seizure operations. Under the powers vested by the Income Tax Act of 1961, the IT department can sanction such raids to check the circulation of black money and prevent tax evasion. According to the provisions outlined in the IT Act of 1961, income tax officials can search the premises and seize documents and assets. They also reserve the right to question the taxpayer and all other individuals present on the premises during the raid.

Purpose of IT Raids

IT raids are conducted with the chief purpose of detecting concealed income, undisclosed assets, and curb the circulation of black money. These raids aim at detecting and curbing instances of tax evasion. Tax evasion refers to the act of concealing income in a bid to avoid paying one’s tax liabilities. IT raids are conducted to uncover cases where people or companies have illegally concealed their incomes to avoid paying taxes. Income tax raids also aim to tackle

black money issues. Black money or unaccounted money is money that’s earned through illegal activities like crime, corruption, smuggling, etc. Legal income when not disclosed for taxation purposes also qualifies as black money. IT raids play a crucial role in unearthing black money as it helps create a transparent financial system.

The 10 Biggest Income Tax Raids in India

Here’s a list of the biggest IT raids in India:

1. IT Raid at Sahara Group Offices

In 2014, the Income Tax Department executed one of the biggest income tax raids in India on Subrata Roy’s Sahara Group. During the raid, IT officials seized electronic records, documents, and Rs. 135 Crore of undeclared cash from the Group’s offices. The IT raid also uncovered proof of alleged tax evasion and evidence of issuing Optionally Fully Convertible Debentures (OFCDs) without regulatory approval. Following a prolonged legal battle, Subrata Roy’s arrest and subsequent release on bail, the Supreme Court ordered the Sahara Group to refund the money to its investors.

2. CBI Raid in Hyderabad Post Offices

After the implementation of the demonetisation policy in 2016, CBI officials carried out surprise checks on 8 different post offices in Hyderabad. These surprise visits were carried out on reports of irregularities in accepting old currency notes but went on to become one of the biggest income tax raids in India. IT officials seized cash worth Rs. 40 Lakhs from the Himayat Nagar Post Office. The Post Office staff were also questioned in relation to the matter since there were complaints about their involvement in the illegal exchange of old currency notes.

3. Seizure of New Notes in Bengaluru

In 2016, the Income Tax Department conducted an IT raid at the homes of two contractors and engineers. The raid uncovered a whopping Rs. 5.7 Crores in new notes and approximately Rs. 90 Lakhs worth of demonetised notes making the raid one of the biggest income tax raids in India. Additionally, 7Kg of gold and 9Kg of jewellery worth Rs. 5 Crores were also discovered from the premises during the IT raid. A Porsche Limousine and Lamborghini were among the assets seized from SC Jayachandra’s house who worked as an engineer at PWD.

4. Raids at a Private Engineering College in Chennai

The IT Department one of the biggest income tax raids in India at a private engineering college in Chennai. The raid uncovered Rs. 8 Crores of undisclosed cash that was held in 400 bank accounts belonging to various college employees. Reportedly, colleges in Tamil Nadu often receive large sums of undisclosed cash from students trying to secure a seat.

5. IT Raid at Oxfam, Think Tank CPR, and Media Foundation

The IT raid on Oxfam, Think Tank CPR, and Media Foundation was among the biggest income tax raids in India in recent years. IT raids were a part of the investigation into the alleged violation of foreign funding regulations under FCRA.

6. ED Raid of Money Changers

In 2021, nationwide raids were conducted by the ED or Enforcement Directorate. ED officials collected Rs. 1 Crore in old currency notes from money changers and foreign currency worth Rs. 50 Lakhs. It was revealed that money changers were collecting demonetised currency notes from black money operators and converting them into foreign currency in exchange for a commission. They were also depositing the undisclosed cash as legitimate earnings.

7. Demonetised Notes Seized by Jharkhand Police

The Superintendent of Police in Dumka, Shailendra Prasad Burnwal conducted a raid on the Dumka Head Post Office in Jharkhand on receiving reports of banned notes worth Rs. 1 Crore being exchanged at the P.O. While the raid at the Dumka Post Office revealed Rs. 93 Lakhs worth of cash, an additional Rs. 45 Lakhs, Rs. 16.5 Lakhs, and Rs. 31.5 Lakhs were recovered from the subsequent searches at three other locations.

8. IT Raid on Orissa-Based Distillery Group

The IT Department’s raid on Boudh Distillery Pvt Ltd. is one of the biggest income tax raids in India turning up a staggering Rs. 290 Crores of unaccounted cash in a single operation. Most of the cash was seized from the company premises located in the Bolangir district, while the remaining was uncovered through searches at Ranchi, Sambalpur, and Titlagarh. This It raid marks the highest ever cash seizure by an agency as action against a single group and its linked entities.

9. IT Investigators Uncover New Currency Notes from Traders

Just after demonetisation, the IT Department officials recovered undisclosed funds worth Rs. 20 Lakhs in newly issued two thousand Rupee notes and hundred Rupee notes from the old cloth market in Ahmedabad. The IT raid was conducted in 2017 when the Income Tax Department was vigilantly monitoring traders and markets involved in the exchange of old notes. The unaccounted funds were essentially commissions charged by these traders to exchange old notes for new ones.

10. IT Raid on ‘Baahubali’ Producer

After the release of ‘Baahubali: The Beginning’ in 2015, the film went on to become the highest grossing movie of the year. The sizable earnings of the Baahubali producers attracted the attention of the IT Department. The IT raid at the Hyderabad residence of the film’s producers, Shobhu Yarlagadda and Prasad Devineni, unveiled a stash of Rs. 60 Crores in banned notes.

Longest Income Tax Raid in Indian History

Now that you know about some of the biggest income tax raids in India, it’s time to review one of the longest IT raids in India which was conducted on Sardar Inder Singh. Singh had served as a leading industrialist, a former MLA from Punjab, and an MP in the Rajya Sabha. In 1928, Singh set up the first steel re-rolling mill in Kanpur, Singh Engineering Works Pvt Limited. Alak Kumar Batyal, the then Deputy Director (Intelligence) worked with a team of 90 IT officers, 200 policemen, and clerks to conduct one of the biggest income tax raids in India.

The raid started on the morning of 16th July 1981, when officials simultaneously raided houses of family members in Tilak Nagar, Lajpat Nagar, and Arya Nagar and lasted for two days and three nights. Singh’s engineering factories located in Panki and Fazal Ganj were also sealed and 15 bank lockers in Kanpur, Delhi, and Mussoorie were opened. The IT raid uncovered Rs. 92 Lakhs in cash from Kanpur, Rs. 72,000 from lockers in Delhi, gold bars worth Rs. 30 Lakhs as well as other jewellery items and guineas. After 18 hours of counting, the search finally revealed a total collection of Rs. 1.6 Crores.

Income Tax Department Raids Corporate Office Properties, Builders in Telangana

Income Tax raids Googee Properties, Anvita Builders in Telangana

The Income Tax Department conducted searches at the corporate offices of Googee Properties and Developers, as well as Anvita Builders, early Thursday morning.

Raids were also carried out at the residences of the companies’ managing directors and directors in Kollur, Rayadurgam, Jubilee Hills, and Sangareddy.

Approximately 30 teams of IT officials participated in the searches. Sources suggest the companies are being investigated for alleged tax evasion over the past two financial years.

Agency sources also revealed that the companies’ business expansions overseas are under scrutiny, as officials are examining transactions and tax returns to identify any potential irregularities.

Googee Properties and Developers is owned by Congress leader Akbar Shaik, who contested in the last Assembly Elections from the Malakpet Assembly Constituency.