I-T raids at TN real estate firm G Square across 50 locations

Income-Tax officials are conducting searches at more than 50 locations in Tamil Nadu, in connection with G Square realtors.

The view of the G SQUARE office in Tiruchy. IT team is conducting a raid in this organisation on Monday. (Express | M K Ashok Kumar)

CHENNAI: A week after Tamil Nadu BJP president K Annamalai released DMK files, which contained details of properties owned by DMK family members, the Income tax department on Monday carried out searches in 50 locations related to real estate firm G Square Realtors Private Limited in Tamil Nadu and Karnataka.

The raids also come when G-Square has refuted the allegations made by Annamalai and said that the company is neither owned nor controlled by ‘the 1st family of DMK’ and all the allegations to the contrary are purely false and baseless.

Annamalai had allegations that ‘G square’ is owned by the ‘1st family of DMK’; and has a total revenue holding of Rs 38,827.70 crore and that the funds were wrongfully amassed through corruption.

G-Square has stated that the alleged valuation of the company’s assets is widely inaccurate and entirely off track. The company’s assets and liabilities are matters of public record that are available with the Registrar of Companies and would disprove the claim that the company has a revenue holding of Rs 38,827.70 crore. 

#WATCH| Tamil Nadu: DMK cadre holds protest after Income Tax raids house of Anna Nagar DMK MLA MK Mohan's son, who is a shareholder of firm G Square pic.twitter.com/Sj3QFC6QBv

— ANI (@ANI) April 24, 2023

"The company’s revenue holding as Rs 38,827.70 crores paints a misleading picture as if the company has purchased all the lands and retained them. Basic research and verification of the Encumbrance Certificates that are readily available online show that the company developed the projects at different points of time and sold the plots to about 6,000 customers over the years," said a G-square statement in response to Annamalai's allegations.

Last year, Annamalai alleged that the Housing department was granting approval at an unusually faster pace for the projects executed by G Square, especially the three projects in Coimbatore, at Egattur in Chengalpattu district and Neelankarai in Chennai. This was refuted by Tamil Nadu Minister for Housing and Urban Development S Muthusamy. 

G Square Realtors is a private company incorporated on October 12, 2012, and has been classified as a non-government company and registered at the Registrar of Companies, Chennai. The company was earlier raided by the Income Tax Department in 2019.

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