Oct 24, 2024 05:48 AM IST
The company was involved in numerous high-rise and residential projects in Lucknow and the NCR
LUCKNOW The income tax department on Wednesday conducted extensive simultaneous raids at over two dozen locations across Lucknow and Barabanki linked to a Lucknow-based real estate developer and a steel company. Over 25 teams were deployed for the crackdown at 18 sites associated with the realtor, including key offices at Hazratganj and residential properties in Gomti Nagar.
Raids also took place at the other companyโs offices in Jankipuram and Nirala Nagar. Officials gathered evidence and questioned staff late into the night. Additionally, searches were conducted at an associated manufacturing facility and showrooms in Kursi Road industrial area.
The operations were motivated by allegations of financial irregularities, tax evasion, and transactions with shell companies. Authorities seized numerous documents and electronic records while interrogating owners, directors, and employees about their business practices. Access to the premises was restricted, and staff were instructed to surrender their mobile phones during the raids.
The real estate developer had been involved in numerous high-rise and residential projects in Lucknow and the NCR. But the company faced allegations of converting black money into legitimate income and evading substantial tax liabilities.
According to officials, the companyโs estimated annual turnover exceeded โน1,000 crore, though exact figures were not disclosed on its official website. Sources in the department indicated that the raids not only focused on the ownerโs personal and business properties, but also extended to the companyโs offices and various expansion project sites.
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