Income Tax raids on real estate giant Hiranandani Group in Mumbai, other cities
I-T's raids are underway at properties linked to Hiranandani Group in Mumbai, Chennai and Bengaluru.
The Income Tax department is conducting searches at multiple locations linked to Mumbai-based real estate developer Hiranandani Group, news agency ANI reported quoting sources.
The search operations are underway in Mumbai, Chennai and Bengaluru in connection with a foreign assets case.
Hiranandani Developers was formed in 1978 by the two brothers -- Niranjan Hiranandani and Surendra Hiranandani. The group has constructed many projects in Maharashtra in the last 40 years.
Names of Niranjan and key members of his family had figured in the Pandora papers in October 2021. It had been said that Niranjan and others were beneficiaries of a Trust with assets of over $60 million.
Last week, a PTI report claimed that Niranjan and Surendra divided some of the joint real estate projects in the Mumbai Metropolitan Region (MMR). As per the settlement between the two brothers, Niranjan will own 250-acre township in Powai, while Surendra has received 350-acre township project in Thane. The division was done amicably.