I-T raids on Embassy Group over alleged tax evasion

Income tax officials searched around 30 places linked to real-estate major Embassy Group in Bengaluru, Mumbai, Gurugram and other cities on Wednesday. The operation is still going on.

While alleged tax evasion is said to be the reason for the searches, officials are yet to confirm if that was indeed the case.

According to sources, income tax officials from Bengaluru and Goa hired private vehicles to reach the premises in the early hours of Wednesday and quickly got to work.

The premises of the company’s chairman and managing director, Jitu Virwani, and the premises and residence of director, Narpat Singh Choraria, were among those searched.

In Bengaluru, officials conducted searches in Sadashivanagar, Marathahalli, Embassy Manyata Business Park, Koramangala, Jigani and other places.

Many people were also questioned during the exercise, sources said.

Sources further said that many documents related to the group’s businesses and investments, including those abroad, were being verified.

Officials might summon the company’s directors and other executives for questioning.

Was a routine inquiry, says Embassy Group

In a media statement, the group called the search operation a “routine income tax inquiry”.

“Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations while maintaining the highest standards of corporate governance. We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual,” the group's statement read.