Income Tax Department Conducts Raids on County Group Offices in Noida
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Synopsis
On March 5, the Income Tax Department conducted coordinated raids at the County Group's offices in Noida, probing allegations of tax evasion and financial misconduct. Around 30 teams were involved in the operation, leading to significant document seizures and uncovering evidence of irregular financial practices.
Key Takeaways
- Income Tax Department raids in Noida.
- Allegations of tax evasion and financial irregularities.
- Around 30 teams conducted simultaneous searches.
- Evidence of fund diversion through shell companies.
- County Group involved in major real estate projects.
Noida (Uttar Pradesh), March 5 (NationPress) The Income Tax Department executed extensive raids on Wednesday at the corporate offices and premises of the County Group along with its affiliated construction firm in Noida, amid allegations of tax evasion and financial irregularities.
Officials revealed that approximately 30 teams from the department’s Noida unit engaged in concurrent search operations at various locations throughout western Uttar Pradesh, covering Noida, Ghaziabad, and Meerut.
This action was reportedly initiated due to suspicions of unaccounted cash transactions and fund diversions via shell companies.
Sources indicate that the probe concerning the County Group had been underway for a considerable duration, with authorities choosing to act after acquiring what they termed as “strong evidence” of financial misconduct.
The department is believed to have identified inconsistencies in the company’s accounts, encompassing extensive tax evasion and financial mismanagement.
The raids commenced around 8 a.m. on Wednesday, with additional teams from outside Noida deployed to support the operation.
To date, officials have confiscated vital documents, including financial records stored on laptops and other digital devices. The company allegedly participated in cash transactions during the sale of flats, which allowed it to evade taxes significantly.
Investigators have also discovered evidence indicating that the group diverted funds through shell companies registered in Kolkata. The corporate office located in Sector-132, Noida, was a primary target of the raids, where officials meticulously examined financial transactions and records for potential irregularities.
The County Group holds a significant position in Noida’s real estate market and is involved as a co-developer in three major housing projects -- Cleo County (Sector-121), Ambience (Sector-115), and Ace (Sector-107). It also has interests in an allotment named ‘Shirja’ in Sector-151.
Authorities have indicated that this operation may persist for some time as the investigation intensifies. Further actions are anticipated based on the outcomes of the searches.
