Deccan Chronicle

Income Tax Officials Raid On Kohinoor Developers In Hyderabad

Deccan Chronicle.| DC Correspondent

Published on: May 24, 2023 | Updated on: May 24, 2023
Representational image

Representational image

Hyderabad: The Income Tax department officials today conducted raids on the real estate firms in the city on alleged tax evasion at different places in the city.

As many as 20 teams along with central forces have conducted raids on Kohinoor infra and developers corporate office located at Attapur and branches in Shamshabad, Sashtripuram, Banjara Hills, Madhapur and other places in the city.

It was the second time that the IT officials conducted raids on the Kohinoor developers in the city on alleged suspicious transactions and tax evasion. Around 6 am today, as many as four teams reached the Attapur corporate office along with central forces and collected details from the staff in connection with purchase of lands.

The Kohinoor developers was established in 1993 by a businessman Mohammed Ahmed Quadri by developing residential properties in the city. Since then, the company expanded by making residential, commercial projects.

The ongoing projects of the company are -- VNR's Aero City located at Balapur, Goldstone Kohinoor in Bandlaguda, Kohinoor Kings in Rethibowli. The company also planned to take up upcoming projects -- Kohinoor Western Park, Kohinoor Meadows, Kohinoor AQ City, Kohinoor Manoroopa, Kohinoor Avian City Phase II, Kohinoor Aura Gardens, Kohinoor Amwaj Park. The management also finished several projects in the city and suburban places.

The Income Tax officials suspect that the management of the company used cash transactions rather than banking transactions with the customers in purchasing open lands from farmers and making development of residential projects. The management allegedly accepted cash from customers in selling properties.

The Income Tax department officials have allegedly collected details of different projects taken up by the company and verified the details of investment amount and sources of income.

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