Srinagar:Income Tax Sleuths raid the KCI Emporium Group of Kashmir, along with Dubai Property Brokers, on Wednesday this week. Multiple Premises were covered in the simultaneous search action in Srinagar, Mumbai and Delhi.
It was found that some individuals from Kashmir division have made hawala cash transactions to invest in a property in Dubai, UAE. During the action, Huge Investments made by Indians in Dubai based properties have been unearthed from Middlemen who were also raided. It has been gathered from sources that all across India, evidences of investments in these Dubai based properties amounting to over Rs. 800 crores have been unearthed from the search action. It has also been found that Indians who made these investments are based across India, from Srinagar to Delhi to Hyderabad, and are now under the scanner of the IT Department.
As per sources, information of property deals in Kashmir with transactions worth more than Rs. 50 crores involving huge cash components was seized. Also, Cash Amount of more than Rs. 1 crore was also seized.
Further investigations under the Income Tax Act, 1961 and the Black Money Act, 2015, are underway.
