The income-tax department on Thursday carried out raids and surveys at 34 premises of the Bengaluru-headquartered real estate developer Brigade Group. Raids follow a number of high-volume transactions post demonetisation last year and complaints of tax evasion by the company.
The raids, possibly one of the biggest in recent times, commenced at 7am and continued through the day. A team of some 250 I-T officers raided 25 premises and surveyed 9 properties of the developer, located in the cities of Bengaluru, Chennai and Mysuru.
The searches were carried out under the supervision of the investigation directorate of the I-T department, Karnataka and Goa region.The raids were carried out at the group’s offices, including Brigade Gate, Yeshwantpur and Brigade Enterprises and Brigade Point at VV Mohalla and Gokulam in Mysuru.
Officials said the raids were conducted following allegations of crediting money to clear demonetised notes and reports of huge amounts of money credited to bank accounts after demonetization. I-T officials collected documents pertaining to the case and sealed some lockers. They said the raids will continue for the second day and the extent of tax evasion, if any, will be known only after the raids are completed.
Brigade Group is a leading property developer in South India, with a uniquely diverse multi-domain portfolio covering property development, property management services, hospitality and education. The Group currently has some 12 mln sqft of office projects as work in progress and another 18 mln sqft of residential projects under construction. The Group has plans afoot to invest Rs 3,000 cr over the next three years to expand its commercial property portfolio by 8 mln sqft.