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Taxmen raid Banglore real estate players

Taxmen raid Real estate players such as Manyata Developers, RS Developers - in Bangalore

Apnaloan.com Research Bureau

10 Aug 2007

Income tax department raided 27 office and six residences of the real estate players in the Bangalore city on June 26. A total of 140 income tax officials took part in the operations.

It was alleged that two of the real estate players were associated with the Karnataka Chief Minister H D Kumaraswamy. But Kumaraswamy lashed out at those allegations and said he has no links with them.

The associates of Karnataka Chief Minister raided included S Manjunath a real estate developer and party worker in Janata Dal (Secular) and the another person by the name of Prasad Babu, director of a cable distribution company, said media reports.

Taxmen also conducted raids on Manyata Developers and R S Developers. Incidentally, Manyata developers was awarded a 22 hectare IT special economic zone (SEZ) projected by government. R S Developers was also in news, when nearly Rs 1.2 crore belonging to the real estate company was stolen by seven youths when it was being brought from the bank.


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