23/03/22

INDIA: Offshore trusts, assets ‘fully bonafide’, says Hiranandani Group.

As published on businesstoday.in, Wednesday 23 March, 2022.

I-T Department searched around 25 premises located in 3 cities—Mumbai, Bengaluru, Chennai-- related to the real estate giant.

Commenting on the Income Tax Department raid at around 25 locations, real estate giant Hiranandani Group has said that all the offshore trusts/assets held by the family are “fully bonafide and compliant with all laws.” A company spokesperson also noted that the company is addressing all queries of the authorities and assured full cooperation in the matter.

The company spokesperson told India Today TV, “The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws. Further, all queries of the authorities are being fully addressed and we assure our full cooperation in the matter.”

For the unversed, the I-T Department searched around 25 premises located in 3 cities—Mumbai, Bengaluru, Chennai-- related to the real estate giant.

These searches were carried out over suspected tax evasion by the group. I-T officials searched locations like offices, sales galleries and residential premises in the three cities belonging to the group’s top officials including the Chief Financial Officer (CFO).

In Mumbai, Hiranandani Group’s premises across Powai and Thane were searched. Officials searched documents, electronic records of finances and sales transactions of the group.

Hiranandani Group was founded in 1978 by Niranjan Hiranandani and Surendra Hiranandani. The group focuses on areas like real estate, construction, health and energy among others.