I-T probes FDI norm violation by Ireo

The department is probing the source of investments in the real estate firm — Ireo — after it recently conducted searches on its premises on October 19 and seized documents related to the ownership pattern of the company, investments, expenditure and its tax statements to Revenue Departments in India and abroad.

“Shareholding of all Ireo Group companies in India (with the exception of JVs in India) is entirely held by Ireo Private Equity Funds, which are domiciled in Mauritius.

The funds, in turn, have raised nearly USD 2 billion in capital from a base of global blue chip investors including renowned global financial institutions, university endowment funds and sovereign wealth funds,” an Ireo spokesperson stated here.