Income Tax Department Raids on Hiranandani group; Searches 24 Premises Linked to Hiranandani Group

Income Tax Department Raids on Hiranandani group; Searches 24 Premises Linked to Hiranandani Group According to sources, the income tax department is conducting searches at 24 properties associated to the Hiranandani Group, a Mumbai-based real estate conglomerate. As per sources, pan-India searches are currently underway in Mumbai, Bengaluru, and Chennai. Along with firm grounds and offices, some prominent officials' homes are being searched. "The raids are being carried out in conjunction with a case involving a foreign asset. Niranjan and Surendra, the group's founders, are being investigated in connection with their unreported offshore trust investments", according to a source. The Hiranandani Group did not respond to a request for comment right away. The group was named in the Pandora papers, which indicated that the Hiranandani Group and prominent members of Niranjan Hiranandani's family were beneficiaries of a Trust with assets of over $60 million, according to an investigation conducted by the ICIJ in 2021.