Lucknow: Income Tax has raided 16 locations including the residence of Lucknow's big real estate businessman Kadir Ali. The Income Tax team reached the Gomti Nagar office of Real Estate Group IM on Wednesday morning and started the investigation. According to sources, apart from the residence and office of company owner Qadir Ali, the offices of IM Group's Rachel Court and expansion projects have also been raided simultaneously.
This action of Income Tax was taken after complaints of financial irregularities, tax evasion and illegal funding. According to the information, IM Group was established in 1987. This group works on high rise societies and home town projects in Lucknow including Delhi-NCR. Complaints of tax evasion and illegal funding were made against the company. Along with this, the company has also been accused of converting black money into white. The income tax raid was conducted by IM Group on undisclosed income, in which a large portion was not shown to tax. The real estate company is being investigated for heavy cash transactions.
The exact turnover figures of the company are not available on the IM Group website. Looking at its large-scale projects in Lucknow and other cities, it is believed that the company's annual turnover is more than Rs 1000 crore. In the year 2017, the IM company was also raided in the case of old currency. Then the Income Tax team had raided the residences of the Nagar Panchayat President and his close relatives in Orai. According to Income Tax sources, the group has a huge network in converting black money into white through bogus companies. First of all, during the GST raid, it was revealed that there is a huge manipulation of input credit tax. All this is going on in the name of bogus companies. Through this, tax worth crores of rupees was being evaded.
Qadir Ali is the owner of MI Group and a well-known personality in the real estate sector. Although they have no obvious and public political connections, large real estate developers often have some political connections. He may be recognized in political circles due to several big real estate projects in Lucknow. The raids against MI Group may have some political overtones, as has been seen in other real estate cases that have sometimes been linked to parties like the SP. If sources in the Income Tax Department are to be believed, on October 18, raids were conducted at the premises of spice company owners Mukesh Jindal and Arun Jindal in Lucknow. Offices and houses located in Nirala Nagar, Indira Nagar, New Hyderabad of the city were raided. GST raids have already been conducted at their place also.
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