Sleuths from the Income Tax Department conducted simultaneous raids at over 30 locations linked to real estate major Embassy Group in Bengaluru, Gurugram, and Mumbai, on Wednesday.
The raids reportedly come in the backdrop of the proposed merger of Indiabulls Real Estate and Embassy Group, which is in its final stages. If it goes through, the resulting entity will become one of the largest listed real estate firms in the country, industry sources said.
Income Tax officials launched simultaneous search and seizure operations across three metro cities in the morning and covered the residences of directors of Embassy Group – chairman and managing director Jitu Virwani and director Narpat Singh Choraria in Bengaluru, and eight corporate offices belonging to the group in Bengaluru, Mumbai, and Gurugram, sources said. Offices of several other firms associated with the two real estate majors were also searched, said sources.
