Early Times Report
Srinagar, Dec 20: The Income Tax Department conducted raids on a prominent business group in Kashmir, as part of a broader investigation into illegal financial activities linked to Dubai property investments. The operation simultaneously targeted premises in Srinagar, Mumbai, and Delhi.
Preliminary findings, according to a Srinagar based news agency, revealed that certain individuals from Kashmir had been involved in hawala cash transactions to fund investments in Dubai-based properties.
Among the evidence seized were records indicating property deals within the Kashmir amounting to over Rs 50 crores, with a significant portion involving large cash components. Additionally, more than Rs 1 crore in cash was confiscated during the searches.
The raids uncovered a larger nexus connecting middlemen and investors across India, with total Dubai property investments exceeding Rs 800 crores. Individuals from Srinagar to Hyderabad are now under scrutiny by the Income Tax Department for tax evasion and the use of unaccounted funds in real estate deals.
The Income Tax Department said that a probe under the Income Tax Act, 1961, and the Black Money Act, 2015, has been underway in this regard. |
