<p>The Income Tax department launched coordinated search operations at over 30 premises of Mumbai-headquartered Kalpataru Group in the wee hours of Friday, a top official informed <em>DH</em> on condition of anonymity. </p>.<p>“Misappropriation of funds to the tune of hundreds of crores has been uncovered in the company’s books,” the source said, adding that raids are ongoing across four states, including Maharashtra and Gujarat. The search sites include the residences of Group founder Mofatraj P Munot and managing director Parag M Munot.</p>.<p>The Kalpataru Group of companies includes the listed entity Kalpataru Projects International Limited. Other firms in the Group’s portfolio include Property Solutions India, Shree Shubham Logistics and realty major Kalpataru Ltd. </p>.<p>All four group companies are under the I-T department’s scanner, the source confirmed. </p>.<p>A response to<em> DH</em>’s request for comment from the group is awaited.</p>
<p>The Income Tax department launched coordinated search operations at over 30 premises of Mumbai-headquartered Kalpataru Group in the wee hours of Friday, a top official informed <em>DH</em> on condition of anonymity. </p>.<p>“Misappropriation of funds to the tune of hundreds of crores has been uncovered in the company’s books,” the source said, adding that raids are ongoing across four states, including Maharashtra and Gujarat. The search sites include the residences of Group founder Mofatraj P Munot and managing director Parag M Munot.</p>.<p>The Kalpataru Group of companies includes the listed entity Kalpataru Projects International Limited. Other firms in the Group’s portfolio include Property Solutions India, Shree Shubham Logistics and realty major Kalpataru Ltd. </p>.<p>All four group companies are under the I-T department’s scanner, the source confirmed. </p>.<p>A response to<em> DH</em>’s request for comment from the group is awaited.</p>