I-T raids premises linked to Hiranandani Group

The tax agency is probing the Mumbai-based real estate major’s foreign assets and the undisclosed offshore investments in a trust, agency sources said.

Mumbai The investigation wing of the Income Tax (I-T) department conducted searches on Tuesday at about two dozen premises of real estate giant Hiranandani Group across Mumbai, Bangalore and Chennai over suspected tax evasion.

The raids are likely to continue on Wednesday, an I-T officer said. (HT PHOTO)

The tax agency is probing the Mumbai-based real estate major’s foreign assets and the undisclosed offshore investments in a trust, agency sources said.

Multiple teams of the I-T department on Tuesday morning simultaneously raided various premises of the group in the three cities. In Mumbai, the sales office of the group was also searched by income tax officials. The search parties were accompanied by Central Reserve Police Force (CRPF) personnel.

The central agency has not revealed details of the ongoing action as I-T officers were in the process of scrutinizing financial books and accounts of the real estate group. The raids are likely to continue on Wednesday, an I-T officer said.

“The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws. Further, all queries of the authorities are being fully addressed and we assure our full cooperation in the matter,” said a spokesperson of the Hiranandani Group.