Taxmen raid realtor’s houses
The investigation wing of the Income Tax (I-T) department on Thursday raided the houses of one of Bangalore’s leading real estate firms, snooping on a probable tax evasion.
According to informed sources, a team of over 40 officers, along with armed policemen raided the houses of the owners of HM Constructions near Nandidurga Road. They also raided houses and offices of a few of their relatives.
Sources said the company had begun its business over two decades ago with an investment of about Rs 2,000 crore and that “there were reports of evasion.”
Speaking to Deccan Herald, Director General of I-T (Investigation), Bangalore G Rajeshwara Rao, while confirming that the raid was happening refused to divulge information about the magnitude of evasion. “You can speak to my officers... But we do not generally go to the press,” Rao said Sources, without naming the official said that an Additional Director rank official had briefed the teams on the surprise raid and that they were reporting to him.
Stating that the raids, which began at around 8 am in the morning, saw seizure of key documents from the houses, among other things. The investigation of the seized articles would be conducted before any action, they added.
HM Constructions, one of the City’s largest real estate firms was established in 1991 by two brothers –– Hanif Siwani and Maheboob Siwani –– as a private residential and commercial developer in Bangalore.
Twenty years later, the company beholds the flagship of a multimillion conglomerate with 57 completed projects, both residential and commercial in prime locations of Bangalore with thousands of customers.
The company’s projects, as it claims through its website, are located in the “most desirable and exclusive locations” in the City.
Sources further added that a similar raid was carried out by the department several years ago, but the builders had “gotten away.”
