The head office of Sobha Developers and other related offices were raided by the officials of Income Tax Bangalore and Chennai divisions on Monday morning. Five teams of ten officers in about 50 vehicles raided the offices of Hoodi on Whitefield Road and Arekere in Bannerghatta Road, reported TV9 Kannada.
According to the reports IT officials were checking files since morning. The premises of top officials and key management persons were also a part of the IT raid.
The shares of the company on Monday fell down to Rs 526.85 in the morning sessions and then came up to Rs 531.95 at 1:42 pm IST, down by 2. 48 per cent.
In January, the Bengaluru Municipal Corporation called one of their projects as illegal for getting fake documents of project approval. The real estate company in December last year was booked by the Enforcement Directorate office in connection with a money laundering case with the value amounting to Rs 201 crore.
Sobha is into construction and development of residential and commercial properties and additionally it also takes contractual tasks. Sobha is also a market lender in Bangalore and Karnataka and has overseas presence in countries like Dubai.
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