IT Department raids multiple premises of Kalpataru Group

The Income Tax Department searched multiple Kalpataru Group locations. The searches were carried out at around 30 locations across four states: Maharashtra, Gujarat, Rajasthan, and Karnataka.

The searched locations included the residences of Kalpataru Group founder Mofatraj Munot and Managing Director Parag Munot, as well as the offices of other group firms.

The searches were said to be part of an investigation into potential tax fraud by the Kalpataru Group. The business is India’s largest real estate developer, and it has been accused of underreporting its income and evading taxes.

The Income Tax Department has yet to reveal any information about the findings of the searches. However, the raids have raised questions about the Kalpataru Group’s financial operations. Following the announcement of the raids, the group’s shares plummeted by more than 3% on the Bombay Stock Exchange.

It is simply too early to tell what the raids will mean for the Kalpataru Group. The probes, however, may have a severe influence on the company’s financial future.