IT raids on premises of major realtors in B'lore

Bangalore, June 26: Officials of the Income Tax Department here have mounted massive raids on more than 20 offices and residences of land developers and land investors in and around the city since midnight.

Sources said said here today that the raids were being conducted based on some credible information.

IT officials, when contacted, however, were tight lipped over the raids and could neither confirm nor deny them.

The sources said the raids were still continuing on the premises belonging to six persons with a tight police security.

The sources said that the IT officials reportedly recovered crores of rupees in cash, ornaments and incriminating documents from the offices and the residences of the real estate business people.

Karnataka Chief Minister H D Kumarswamy in his reaction denied of having any relation with the real estate business people whose offices and residential premises were raided today.

UNI