PANJIM: The Investigation Wing of the Income Tax Department at Panjim launched a comprehensive search and survey operation on Monday, June 12, on two premier luxury real estate developers, M/s Vianaar Group and M/s Isprava Group”, according to a press statement of the Press Information Bureau.
“The ongoing preliminary investigations have already yielded substantial findings. The search proceedings have uncovered significant amounts of unaccounted cash and incriminating documents, further indicating potential instances of tax evasion”, the statement said.
The statement mentioned, “The search and survey operation covered a total of 31 premises located in prominent cities including Goa, Mumbai, Delhi, Noida, and Amritsar. Teams from the Income Tax Department, deployed from Bangalore, Delhi, Mumbai, Gurgaon, and Dehradun, have been meticulously conducting the raid since early morning on Monday,” the I-T department stated.
Interestingly the PIB statement detailed the activities of both the groups searched on Monday. “Both the Vianaar Group and the Isprava Group have a significant presence in the real estate sector, with operations in various cities across India. Additionally, these groups operate a parallel hospitality segment, offering apartment and villa rentals not only in India but also in South East Asia,” the PIB statement mentioned.
Meanwhile, a high-profile structural engineer and architect from Goa were also reportedly searched, though it's not confirmed whether this was part of the same sequence of raids conducted on the luxury realtors.