IT raids target Bengaluru builders’ homes

The Income Tax Department conducted a series of raids on Monday across Bengaluru, targeting the residences and offices of several prominent builders. The operation began in the early hours and included searches at 12 locations, including Yelahanka, as part of an investigation into alleged tax evasion. Officials confirmed that the raids were based on specific intelligence inputs regarding unaccounted income and tax liabilities. Teams of I-T officers carried out surprise inspections, thoroughly examining financial records, property documents, and electronic data at the premises linked to the builders.

Sources within the department revealed that these builders are suspected of concealing substantial amounts of income from real estate transactions and underreporting profits on luxury housing projects. The raids aim to uncover hidden assets and undisclosed financial dealings, particularly in high-value property developments. While the identities of the builders involved have not been officially disclosed, the department stated that the operations are ongoing and further details will be shared once the initial investigation is complete. Large volumes of documents and digital storage devices have been seized for forensic analysis.

This move is part of the department’s broader crackdown on black money and tax fraud in the real estate sector. Authorities have reiterated their commitment to ensuring tax compliance and transparency in the property market. Residents in the affected areas reported heavy police presence during the raids, which continued throughout the morning. The real estate community in Bengaluru is closely watching developments as further action is expected in the coming days.