HYDERABAD: Officials of the Income Tax (I-T) Department on Tuesday raided offices and residences of the top brass of realty firm Googee Properties for alleged tax evasion between 2017, when it was established, and 2022.
Twenty teams, comprising 50 I-T officials raided six locations in Kothapet, including the residence of Shaik Akbar, the chairman and CEO of the company.
Sources said the I-T officials found violations in record books and that the agency focused on sources of income in the purchase of open plots and investments into the construction business. In sale records, I-T found violations in transactions as some had been done in cash.
Further, the company was also suspected to have foreign investments, from partners in Canada.
The firm has completed five projects so far — records of which were perused by the I-T teams — and is currently undertaking several others, including Capital City, KCR Meadows, Pharma township, Satellite township, Pharma Hills, Wonder City, Pharma city and Film city, all across Hyderabad.
The I-T officials collected account details of Googee Properties and also details of executive director D. Ramachandra Reddy, CFO K.N. Reddy and executive director Mohammed Ghouse.
The officials also questioned the accounts staff of the firm in connection with the transactions made by the management as part of their business activities.
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