Noida: The Income Tax Department Wednesday carried out extensive raids Wednesday at the corporate offices and premises of the County Group and its associated construction company in Noida over allegations of tax evasion and financial irregularities.
Officials said around 30 teams from the department’s Noida unit conducted simultaneous search operations at multiple locations across western Uttar Pradesh, including Noida, Ghaziabad, and Meerut.
The action was reportedly prompted by suspicions of unaccounted cash transactions and fund diversions through shell companies.
According to sources, the investigation into the County Group had been going on for some time, and authorities decided to act after obtaining what they described as “strong evidence” of financial misconduct.
The department is said to have uncovered discrepancies in the company’s accounts, including large-scale tax evasion and financial manipulations.
The raids, which began around 8 a.m.Wednesday, saw the deployment of additional teams from outside Noida to aid in the operation.
So far, officials have seized crucial documents, including financial records stored on laptops and other digital devices. The company allegedly engaged in cash transactions while selling flats, enabling it to evade taxes on a significant scale.
Investigators also found evidence suggesting that the group had been diverting funds through shell companies registered in Kolkata. The corporate office in Sector-132, Noida, was a primary focus of the raids, with officials scrutinising financial transactions and examining records for potential irregularities.
The County Group is a key player in Noida’s real estate sector and is involved as a co-developer in three major housing projects- Cleo County (Sector-121), Ambience (Sector-115), and Ace (Sector-107). It also has a stake in an allotment named ‘Shirja’ in Sector-151.
Authorities indicated that the operation could continue for some more time as the probe deepens. Further action is expected based on the findings of the searches.
IANS
