In a series of Income Tax (IT) raids across Hyderabad, officials conducted searches at several real estate companies. The latest operation targeted Swastik Real Estate, located in Banjara Hills, where officials discovered discrepancies in financial transactions. The company had sold land worth Rs 300 crore in Shadnagar to a private firm, but the funds from the sale were not reflected in the company’s balance sheet.
The IT department initiated searches at the residences of Swastik Group owners Kalpana Rajendra and Lakshman, alongside company offices in Chevella and Shadnagar. These raids began early in the morning and have raised concerns about possible tax evasion.
This is part of an ongoing crackdown by IT officials on real estate companies in the region. Last month, raids were carried out on the offices of Googi Properties & Developers and Anvita Builders. IT officials targeted the residences and offices of Googi Properties’ head Akbar Sheikh, and Anvita Builders’ leader Achyutaraju, as well as other associated properties. Further investigations are underway, with more details expected soon.