BENGALURU: Income Tax officials raided the offices of real estate firm Ozone group in Bengaluru and other parts of the country on Thursday.The raids were carried out in 25 locations across Bengaluru, Chennai, Mumbai and Panaji.
According to sources, 11 searches and 14 surveys of properties were conducted by the team of officials, for alleged tax evasion. The raids were carried out from Thursday morning, and is expected to continue during the day. An official statement from the Income Tax Department is expected to be released on Friday, detailing the extent of evasion by the firm. Ozone Group is a real estate firm, which, according to its website, offers residential condominiums, business parks, SEZs, integrated townships and others. The investors in the company include Urban Infrastructure Opportunities Fund, HDFC Property Fund, Urban Infrastructure Real Estate Fund, Jai Corp Ltd and Piramal Capital.