Raids on real estate giant Hiranandani Group in 3 cities over suspected tax evasion

I-T officials searched offices, sales galleries, and residential premises in the three metros belonging to top officials of the Hiranandani Group, including the Chief Financial Officer (CFO).

The Income Tax department on Tuesday searched around 25 premises of the Hiranandani Group, the country’s one of the largest real estate developers, in an operation that began early in the morning, spanning three cities - Mumbai, Bengaluru and Chennai. The searches, according to sources, were carried out over suspected tax evasion by the group.

I-T officials searched offices, sales galleries, and residential premises in the three metros belonging to top officials working for the group, including the Chief Financial Officer (CFO).

In Mumbai, premises in Powai and Thane were raided. Several teams reached their locations in Mumbai, Chennai and Bengaluru almost simultaneously early in the morning.

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The officials went through documents, electronic records of finances and sales transactions of the group, sources told India Today TV. Hiranandani is one of the leading companies with interests in construction, healthcare, and energy, among other sectors.

“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,” a spokesperson for the company said in a statement.

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