Income Tax raids on Oberoi Realty group, its vendor Capacit’e Infraprojects

Sources said searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T sleuths.

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Oberoi, which has developed over 40 projects in Mumbai, is also being probed on allegations of receipt of ‘on-money’ and price manipulation.
MUMBAI: The Income Tax (I-T) Department on Tuesday carried out searches at Oberoi Realty group and its biggest vendor Capacit’e Infraprojects for suspicious transactions, including alleged purchase from dubious entities, receipt of ‘on-money’ and price manipulation and cash deposits during demonetisation period, sources in the know of the development told ET.

Sources said searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T sleuths.

“While Oberoi Realty is being probed for various tax evasions, the purpose of Tuesday raids were to probe if there were any suspicious funds from group entities and related party transactions. This includes related entities advancing funds in the form of loans, purchase of flats, payment for goods and services,” said one of the persons cited above.


Oberoi, which has developed over 40 projects in Mumbai, is also being probed on allegations of receipt of ‘on-money’ and price manipulation. “There is information that at least eight prime projects of the realtor in Mumbai and its suburbs in which there is suspicion of difference between sale prices shown in books and those of registered prices vis-a-vis payment received,” added the official.

Emails sent to Oberoi and Capacit’e did not elicit a response.
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