Indiabulls offices raided

dynamitenews.com 
Mumbai/ 14 July 2016. Income tax Department on Wednesday carried out raids  at 20 premises of the real estate giant Indiabulls in Mumbai and New Delhi, in an operation involving nearly 1,000 I-T officers suspecting tax evasion.

According to the reports, the raid s which were conducted were one of the biggest raids in recent times by the central agency commenced at 8 am on Wednesday and continued through the day.

The raids were carried out at the offices of of Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate, these raids were done under the supervision of  the Directorate of Income Tax , Investigation Unit in Mumbai. 

A  senior official said that “Maximum officers were roped in to conduct searches at the company’s Mumbai office at Indiabulls Finance Centre in Elphinstone. Documents and hard discs have been seized,”.  “The seized documents would be studied for unaccounted money as we suspect that they are not making the rightful declaration. These papers could help unearth unaccounted cash.” 

In a statement, Indiabulls said, “This morning, officials of the I-T department came to some of our offices to check our books, in the normal course. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory.”

Earlier, Indiabulls ran into controversy when the Maharashtra Anti-Corruption Bureau (ACB) probed the sponsorship by one of its group companies, Indiabulls Realtech Ltd, to arrest NCP leader Chhagan Bhujbal’s Public Welfare Foundation Trust for organising the Nashik Festival.