India’s Income Tax (IT) department raided Indiabulls offices across the country….reports Asian Lite News. The company has operations across the world including Britain
According to initial reports, major operations are being conducted under the leadership of Directorate of Income Tax, investigation unit Mumbai. IT raids are being conducted at Mumbai and Delhi offices of Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate.
Some sources said the company had borrowed Rs 1700 crore from a firm and later went on to acquire it. The group’s name is also under scanner due to few benami transaction in selling flats. I-T sleuths are also probing the company’s recent restructing.
“During the investigation the tax department found some crucial papers, which provide various lead to trace unaccounted money,” a source said.
Shares of Indiabulls group stocks are under severe selling pressure after income tax raided its offices. According to CNBC-Awaaz sources, around 1000 I-T officials are involved in search of Indiabulls offices and residence of promoter Sameer Gehlaut. Indiabulls Housing Finance , Indiabulls Real Estate , Indiabulls Ventures and Indiabulls Wholesale Services fell 5-10 percent intraday on Wednesday.