amrapali - amrapali it raids biggest
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Complaint by: amrapalicomplaints on May 3, 2014, 2:45 pm in Real Estate

it raids bigges real estate firm in ncr region
amrapali group for tax evasion

NEW DELHI: The income tax department is conducting raids on real estate firm Amrapali Group, one of the biggest builders in the National Capital Region, for suspected evasion of taxes and black money circulation. The company is closely associated with Indian cricket captain MS Dhoni who is a brand ambassador for the firm while his wife Sakshi holds 25% stake in one of the joint ventures of the group.

The I-T department swoop was launched on Wednesday with raids being conducted at various premises of the group in Delhi, Noida, Greater Noida and Faridabad. Various teams of the I-T department have seized crucial documents of the company which would be examined after the raids are over.

Sources said the I-T department was tipped off about the group having allegedly circulated black money through various means and in turn evaded taxes to the tune of crores of rupees. "The raids are still on and exact details of the recovery and of tax evasion, if any, would be clear only after scrutiny of all the documents," a senior I-T official said.

The company, however, denied all allegations of wrongdoing. Amrapali Group's CMD Anil Sharma said, "We are absolutely clean and have done nothing wrong. These raids are a byproduct of uneven taxation system."

Amrapali is one of the largest groups developing residential and commercial buildings in Delhi NCR with focus on Noida, Greater Noida, Indirapuram and other East Delhi locations. According to its website, the group has completed projects spread over more than 100 acres while 30-odd projects are under construction. It is also developing townships in Bhilai and Jaipur while has recently made a foray into the hospitality sector.

Dhoni's association with the company is through one of the joint ventures where his wife has a stake. According to the ministry of corporate affairs' website, Dhoni's wife Sakshi holds 25% stake in the joint venture Amrapali Mahi Developers Private Ltd.

Dhoni is also a key figure in their advertisements for residential properties. He also figures prominently on the home page of the real estate firm's website.

Complainant's Goal: amrapali it raids biggest tax raid
Complainant's Target: amrapali
Complaint Location: IndiaHaryanaGurgaon
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