MUMBAI: The Income-Tax (IT) department on Tuesday conducted searches across premises linked to developers Hiranandani Group in connection with a “undisclosed foreign assets” case, said a source aware of the development.
The searches were happening at over 20 locations across Mumbai, Chennai and Bengaluru and relate to the brothers being alleged beneficiaries of an undisclosed offshore trust, according to the Pandora Papers. The Pandora Papers leak last year alleged that Niranjan and some of his family members were beneficiaries of a trust with assets of over $60 million.
The income tax department has confirmed that raids were being conducted at the premises of Hiranandani, but refused to give more details about it. A spokesperson from Hiranandani 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 brothers recently split 90% of the group’s assets in Mumbai Mteropolitan Region between themselves. The brothers split the Mumbai assets after 40 years of it operating under a single umbrella. The group has developed sprawling residences in suburbs like Powai and Thane in Mumbai.