The Income Tax (I-T) department is conducting searches at 24 locations connected to the Mumbai-based real estate firm Hiranandani Group. The raids are underway in connection with a foreign assets case, sources said.
The search operations were underway in Mumbai, Chennai and Bengaluru, they had said.
Commenting on the reports of raid, a spokesperson of the Hiranandani Group said, "The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws.
"Further, all queries of the authorities are being fully addressed and we assure our full cooperation in the matter," the spokesperson added.
In October 2021, names of Niranjan Hiranandani, the founder of the Hiranandani Group, and key members of his family had figured in the Pandora papers which had said that they were beneficiaries of a Trust with assets of over $60 million.
Recently, Hiranandani Developers co-founders and brothers Niranjan Hiranandani and Surendra Hiranandani have divided some of the joint realty projects in Mumbai Metropolitan Region (MMR).
Following the settlement, Niranjan Hiranandani will own 250-acre township in Powai, while Surendra Hiranandani will receive 350-acre township project in Thane.
Hiranandani Developers was formed in 1978 by the two brothers.
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