In a major development, the IT department on Wednesday launched a multi-city raid against Embassy Group in Karnataka. According to information accessed, raids are being held at over 10 locations across Karnataka. Raids are currently underway in Bengaluru, Gurugram and Mumbai offices of the Embassy Group too.
According to information accessed by Republic, Embassy group offices are now being raided by the Income Tax department. The multi-city raids come in the backdrop of the merger between the Embassy Group and Indiabulls Real Estate. The officials are now searching for office spaces for the firms.
Meanwhile, IT department officials also conducted raids at the Embassy Arcade Apartment in Sadashivnagar owned by Narpat Singh, the Director of the Embassy Group. The officials arrived at Singh’s flat on Wednesday morning and began searches. However, the officials are yet to confirm the official reason for the raids being held. As per sources, the searches are being conducted at various offices and even other groups over suspected case of tax evasion.
The Income Tax raids were conducted at residences of executives and office buildings connected to the Embassy group. The Bengaluru IT officials are currently raiding the Embassy Arcade Apartment in Sadashivnagar. Searches are also being held against the Managing Director of Embassy group Jeethu Nirvani as part of the mega multi-city raid across the state against the Embassy Group.
It is pertinent to note that the raids come in the backdrop of the merger between Embassy Group and IndiaBulls Real Estate company. Embassy, which is one of the largest real estate groups in Karnataka is now being raided over alleged tax evasion on the backdrop of the company’s large merger deal. The IT department is yet to release an official statement regarding the multi-city raids.
Earlier on Saturday, the Income Tax Department had conducted raids against Congress worker Yusuf Sharif alias KGF Babu in Karnataka's Bengaluru. The IT officials raided Sharif's residence in the Vasanth Nagar area in Bengaluru. Sharif was a Congress MLC candidate who lost the elections and had declared Rs 1,743 crore assets to the Election Commission, becoming the richest politician of Karnataka when he filed the nomination. He had claimed that all his businesses were legal and added that he purchased and sold every asset legally.