Major raid at 29 locations of realty frim in Mumbai by IT Dept; undisclosed amt of Rs 270 cr found

New Delhi: As many as 29 locations of a prominent real estate company of Mumbai have been raided by the Income-Tax sleuths and undisclosed money to the tune of Rs 270 crore has been found in the searches.

The IT Department raided 29 locations belonging to the developer and ‘survey action’ was undertaken on another 14 premises related to the company, said the department in a statement. The Departments, however, did not disclose the name of the real estate company. 

The realty firm is developing a retail mall comprising of 950 shops or showrooms exclusively for mobile phone and its accessories business.

“Of the 950 shops, around 905 units have been sold starting from 2017 till date. The evidence stored in a pen drive found on the searched premises revealed that the builder group has taken an amount of ₹150 crore as on-money receipts over and above the agreement value, which is not accounted for in the books of accounts on sale of such units,” said the Department.

IT Dept also found documents related to on-money receipts to the tune of Rs 70 crore for a residential cum commercial project.

As far as the dealers of mobile phone and accessories are concerned, many discrepancies have been found by the Dept lime out of books sales. The real estate group imports mobile and telecom goods from China and then sells them to various businesses across the country. 

The imports by the real estate company were found to be under-invoiced. Even the payments of the realty firm found to be through ‘hawala’ channels.

As many as 13 hidden godowns of the company were found having unaccounted mobile phone stock. 

The IT Dept also found docemnts related to unaccounted investments by the dealers to the tune of Rs 40 crore. Out of this, investments to the tune of Rs 21 crore are against the purchase of shops and showrooms units in the mall developed y the real estate company.

 

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