IT raids on builders and real estate investors

Bangalore, July 27 (UNI) The Karnataka and Goa Circle of the Income Tax Department today confirmed about raids carried on eight premises belonging to five builders, real estate investors and purchasers in the city on Thursday.

Director General for IT Mr B R Sudhakara told newsmen here that during the raids, most of it was now complete, the Department had seized incriminating documents, including 'some cash' that indicated concealment of income.

He however declined to come out with the names of those people whose premises were raided. All that he could say was that they were land purchasers, sellers and developers besides invetors.

Media reports had said that the raids were carried out following information received from persons, whose houses were raided last month. One of the persons involved in raid yesterday was a former Municipal President in Byatrayanapura, on the outskirts of the city.

UNI