On Wednesday, the income tax division began conducting searches at multiple locations connected to the Embassy Group, a real estate developer in the states of Karnataka, Haryana, and Maharashtra.
Raids were being carried out, according to media sources, at more than ten locations in Bengaluru, Gurugram, and Mumbai.
According to additional sources, Embassy Group's offices were being searched in light of the company's merger with Indiabulls, another real estate firm.
Indiabulls' offices are being searched by the income tax division in Mumbai's Bandra-Kurla Complex (BKC) neighborhood.
In the meantime, the Embassy Group described it as a "regular income tax inquiry" in a statement.
"Embassy Group has always behaved in line with the requirements of all relevant laws and regulations and will do so in the future while upholding the highest standards of corporate governance. We have assured the appropriate authorities of our entire compliance. According to the company's statement, "We want to reassure our stakeholders that business will continue as usual.
According to information received by Republic, the Income Tax department is now conducting raids on the offices of the Embassy group. The combination of the Embassy Group with Indiabulls Real Estate serves as the backdrop for the multi-city raids. The officials are currently looking for offices for the businesses.
In connection with alleged tax evasion, the income tax division is conducting search operations at Embassy Group. The IT department is reportedly searching the We Work offices in Mumbai's Bandra-Kurla Complex (BKC).
The Embassy Group referred to this as a "regular income tax inquiry" in a statement provided to the media.
According to the statement, "Emperor Group has always acted and will continue to act in compliance with the provisions of all applicable laws and regulations while maintaining the greatest standards of corporate governance. This is a routine income tax inquiry. We have assured the appropriate authorities of our entire compliance. We want to reassure all of our stakeholders that operations are ongoing.