I-T department conducts searches on Embassy Group over tax evasion

BENGALURU: In a massive early morning swoop, the Income Tax department raided simultaneously raided about 50 locations including offices and houses of several businessmen in the city over tax evasion. In Bengaluru alone, 37 locations were raided. Similar raids were also conducted in Gurugram.

The raided entities include the Embassy Group, Indiabulls Real Estate, NCLT. The raids were conducted after ascertaining that incomes were higher than what was declared in the I-T returns.

About 600 I-T officials from the Karnataka-Goa division split up into several teams. Ateam of four raided the flat of Narpat Singh Charodia in the Embassy Arcade apartment in Sadashivnagar and seized documents.

Embassy Group managing director Jitu Virvani was also raided and also the group’s 18 properties across the state and also the head office in Gurugram.