Oberoi Realty, Capacite Infraprojects Raided by IT Departement

New Delhi: Oberoi Realty and its vendor Capacite Infraprojects have been raided by Income Tax department today on the suspicion of fund trails in the two companies, according to a news report by Moneycontrol.com.

"There was suspicion on related party transaction within Oberoi. The I-T department also suspects a difference between the sale price of housing units shown on the books and the registered prices," an official of Income Tax department has been quoted by Moneycontrol.

The department also probed flat buyer details of the company. As Oberoi Realty sells luxury houses also, the department suspects benami sales transactions by the flat buyers to hide their identities.

After the new sof riads, the share prices of Oberoi Realty and Capacit'e Infraprojects skid 3 percent and 8 percent respectively.

This probe is in the series of raids conducted on realty players for alleged violations of law recently. In Mumbai only, a raid was conducted by the IT department last month in the offices of realty player Hubtown (previously known as Akruti City Ltd) and its joint venture firms where dubious transactions to hide an income of Rs 700 crore were unearthed.