Tuesday, April 08, 2008

CBI registers case against Hiranandani’s for evading EPF tax

Beats me why Hira should evad 168 crores when they can make 1600 crores of their properties. It goes to show greed knows no bounds. After acquiring the powai land for 50 paise per sq/ft, this one puts them at a new low.

Mumbai, April 08: The Central Bureau of Investigation (CBI) on Tuesday registered a case against the promoters of the Hiranandani Group, Niranjan and Surendra, for evading EPF tax to the tune of Rs 168 crores.

The case was registered hours after the premier investigation agency started simultaneous raids across eight different locations of the group spread across the western metropolis.

The raids were carried out as the CBI claimed to have credible information that the Hiranandani’s have evaded tax to the tune of Rs 168 crore by tampering documents pertaining to the Employee Provident Fund.

As per sources in the CBI, the documents have a fallacy as they show that the group has far lesser number of employees in its roll then they actually have.

By doing this fraud the Hiranandani Group was misleading the government and evading tax, the CBI alleged.

To add credence to their claim of a possible collusion between the Hiranandani’s and government officials, the CBI also carried out raids at the residences of four EPF officers.

CBI action against the Hiranandani Group, one of the biggest players in the real estate market, is sure to send shockwaves across the industry already beleaguered by increasing interest rates and slacking demand.

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