HYDERABAD: The Income Tax (I-T) officials carried out searches at the offices of Googee Properties and its sister companies located in Dilsuknagar on Monday. According to sources, five teams of officials conducted the raids on the firms, which are into real estate, construction and handloom textile businesses in Hyderabad and the surrounding districts, for alleged violation of I-T rules and financial irregularities.
Yasmeen Fathima and Akbar Shaik are directors of several companies, including Googee Satellite Township LLP, Googee Foundation, Googee Satellite Megacity Private Limited, Googee Infra Pvt Ltd, Googee Developers Private Limited, Googee Satellite City Private Limited, Googee Radisson Villas Private Limited and Googee Global Projects Limited.
According to sources, the two primary companies were established in 2021 and the others formed in June and July, 2022 are under the radar of the department. The company investments are suspicious and its transactions are also being closely monitored by officials, the sources added.
Sources also revealed that the company reportedly evaded tax by collecting payments in form of cash and omitting it from account records. The I-T officials have also noted that the investments made by the company are not in compliance with rules and regulations.
The searches went on till late into the night during which the officials confiscated several MoU documents between sleeping partners and customers who brought lands from the company. Meanwhile, it is learnt that the officials are likely to question the directors regarding the investments and establishing new firms in a span of just one month. They are likely to grill the auditors on Wednesday.