Income Tax Department Raids Real Estate Developers In Pune & Pimpri-Chinchwad Over Land Deal Irregularities

Pune: A surprise raid was conducted by the Income Tax Department (IT) on various offices and residences of prominent builders across Pune and Pimpri-Chinchwad on Tuesday. Along with prominent real estate developers, a big-shot broker's offices and residence were also raided. 

According to Punekar News, the IT Department reportedly received complaints about their financial irregularities in land purchase transactions. Sources said that discrepancies were found in the acquisition of lands. IT officials have seized important financial documents, including account books and transaction records, during the raid. 

The raid lasted several hours, and more revelations are expected as the investigation progresses. It’s worth noting that these raids come after the Enforcement Directorate's (ED) interrogation of some builders who were connected to a Mumbai-based real estate project. Scrutiny was intensified when the Maharashtra Real Estate Regulatory Authority (MahaRERA) ordered a promoter of a Worli-based project to repay approximately Rs 90 crore. 

The IT Department is yet to issue an official statement on this. However, sources within the department have claimed that soon other enforcement agencies, including the ED, may join in the action and start parallel investigations when, and if, substantial evidence of crime emerges.