New Delhi: The investigation wing of the Income Tax department at Panaji launched a comprehensive search and survey operation on two premier luxury real estate developers, M/s Vianaar Group and M/s Isprava Group on Monday.
Officials of the Income Tax department said that the operation, spanning multiple states, aims to uncover potential tax evasion and undisclosed assets linked to high-end luxury villa projects.
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The search and survey operation covered a total of 31 premises located in prominent cities including Goa, Mumbai, Delhi, Noida, and Amritsar. Teams from the Income Tax department, deployed from Bangalore, Delhi, Mumbai, Gurgaon and Dehradun, have been meticulously conducting the raid since early morning yesterday.
Both Vianaar Group and Isprava Group have a significant presence in the real estate sector, with operations in various cities across India. Additionally, these groups operate a parallel hospitality segment, offering apartment and villa rentals not only in India but also in South East Asia.
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The ongoing preliminary investigations have already yielded substantial findings. The search proceedings have uncovered significant amounts of unaccounted cash and incriminating documents, further indicating potential instances of tax evasion.
Founded in 2016, the Isprava group has been engaged in building luxury home segment. Recently, it has build villas in Goa, the Nilgiris and Alibaug. The group is backed by Nadir Godrej, Anand Piramal and Dabur India’s Burman family, and it has recently raised nearly ₹200 crore in a funding round led by London Stock Exchange-listed Symphony International Holdings.
