Mumbai: Income Tax Department Conducts Multi-City Searches At Ramee Group Hotels In Ongoing Tax Evasion Probe

Mumbai, Dec 02: The Investigation Wing of the Income Tax Department on Tuesday carried out a coordinated search operation across 10 cities targeting the Ramee Group of Hotels, a prominent hospitality chain with a strong presence in Mumbai, Pune and other metropolitan areas. The searches, which began early morning, were underway at over 30 locations, including the group’s flagship properties, offices linked to its promoters and premises associated with founder Vardaraj Manjappa Shetty alias Raj Shetty and other key executives.

A heavy police presence was maintained throughout the day to secure the sites, including the Ramee Hotel near Dadar railway station on the Central Railway side and Ramee Grand Hotel on Apte Road in Pune, where the IT team conducted detailed searches. Apart from Mumbai and Pune, the department also conducted operations in Bengaluru, Delhi, Chennai, Hyderabad, Jaipur, Udaipur and Goa.

According to sources, the action is part of an ongoing probe into alleged tax evasion by entities linked to the group. Tuesday’s operation is described as one of the largest recently conducted by the IT Department, covering the group’s corporate offices, hotel properties and establishments connected to business associates.

The Ramee Group owns several of Mumbai’s popular nightlife and hospitality brands, including Bombay Adda, and operates 52 hotels across India, spanning four-star and five-star categories. According to sources, the IT Department is examining the group’s financial records, digital data and transactions related to hotel revenues, property acquisitions, franchise operations and event-based businesses as part of the ongoing investigation.

Vardaraj Shetty, the owner of the Ramee Group, is listed among the top 100 industrialists in Dubai. The group holds multiple properties in India and the United Arab Emirates (UAE), reflecting its rapid expansion and a diversified business portfolio spanning hospitality, nightlife and event-based ventures.

Sources said the investigation is also scrutinising the sources of capital, loan structures and promoter-level financial statements to ascertain compliance with tax regulations.

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