Income Tax Department raided 18 locations tied to real estate and pan masala companies in Jaipur and Kota today. The Raid on Real Estate and Pan Masala Companies started around 7 AM. Raids are still happening at 8 locations of High Fly Real Estate Group in Jaipur.
The raids were also conducted at 4 locations of Siddheshwar Gums of Signature Pan Masala and 6 locations of BRB Developers of Gokul Kripa Group. This action addresses cash transactions in buying and selling property.
Raid on Real Estate and Pan Masala Companies over illegal cash transactions
The companies face accusations of buying multiple properties at once and then selling them off the books. They often purchased several properties in nearby areas at the same time and later set prices based on their advantage.
This practice caused property rates in the market to increase. Income Tax officials are now requesting documents related to the companies’ property transactions. Some important information on this matter is expected by evening.
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