Raids conducted in Srinagar, Delhi, Mumbai
Excelsior Correspondent
Srinagar, Dec 20: The Income Tax department raided the KCI Emporium Group of Kashmir, along with Dubai Property Brokers, across India including Kashmir and unearthed hawala transactions worth crores of rupees.
The multiple raids were conducted at premises of the company in Srinagar, Mumbai and Delhi. An official said that some individuals from Kashmir have made hawala cash transactions to invest in a property in Dubai, UAE.
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The Emporium is owned by Farooq Shaw who has showrooms in five star hotels across India and abroad.
During the raids, huge Investments made by Indians in Dubai based properties have been unearthed from middlemen whose premises were also raided.
The raids were conducted at the house of 39 year old property dealer, Waseem Ahmad Dar son of Abdul Rashid Dar and 35 year old PDD employee Taha Majeed Dar son of Abdul Majeed Dar at Shahanwar Colony Hyderpora.
The official said that during the raids, documents regarding various properties were seized by the IT Department at these two premises.
The IT Department during the raids have found evidence of investments in these Dubai based properties amounting to over Rs. 800 crores.
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.
The official said that the documents of property deals in Kashmir with transactions worth more than Rs. 50 crores involving huge cash components were also seized.
The cash amount of more than Rs 1 crore was also seized during the raids. He said that the further investigations under the Income Tax Act, 1961 and the Black Money Act, 2015, are underway.
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