HYDERABAD: Income tax (I-T) officials on Wednesday conducted searches on the properties of top realtors in the the Old City, suspecting large-scale tax evasion.
Searches were conducted on nearly 40 premises linked to Kohinoor Group and Red Rose Group in Hyderabad, Gurugram, Noida and Karnataka.
I-T officials conducted searches on the residences of KM Kohinoor Realtors Private Limited’s Mohammed Quadri Ahmed and Mohammed Amjad at Rein Bazar and their offices at Gudimalkapur.
The residences of Red Rose Group promoters Syed Hameedudin, Mohammed Sami Ur Rehman and others at Edi Bazar were also searched.
Red Rose Group is into the manufacture of RR Pan Masala, real estate (WIIZ Realtors and WIIZ Properties), spices business and hospitality. Factories of RR Pan Masala in Gurugram, Noida and Karantaka were searched.
I-T sleuths also conducted searches on Crystal Mansion and the residence of one Majid Khan, a director of the firm, at Kings Colony. Function palaces owned by the groups were also searched.
Investigators were reportedly looking into investments/transactions of the real estate companies with politicians. In July, 2018, I-T officials had searched the properties of Red Rose group and seized 2 crore cash from them. I-T sleuths were reportedly looking into unaccounted cash transactions in real estate and pan masala business of Red Rose Group.
