Home News Income Tax Raid on Real Estate Giant Hiranandani Group

Income Tax Raid on Real Estate Giant Hiranandani Group

The income tax department today conducted raids on several premises which are linked to Hiranandani Group which is a real estate company. The income tax department conducted searches at around 24 locations, including residences of some top officials in Mumbai, Bangalore and Chennai, officials have said that.

Hiranandani Group was formed in 1978 by two brothers-Niranjan Hiranandani and Surendra Hiranandani and it has constructed many projects in the past 4 decades mainly in Maharashtra. Niranajan and Surendra are aalso running their separate real estate companies. While the Niranjan Hiranandani is the founder Chairman and managing director of Hiranandani Companies. While Surendra Hiranandani is the Chairman and the director of the house of Hiranandani.

The raids are the underway in the connection with a foreign asset case. The Hiranandani brothers are being probed in connection with their undisclosed investment in the trust and according to investment carried out by the Income Tax Department, the group was named in the Pandora Papers which stated that the Hiranandani Group and their key members were the beneficiaries of that trust with asset of over $60 million.

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