March 5th 2025.
On Wednesday, there was a lot of action happening in Noida as the Income Tax Department carried out extensive raids at the corporate offices and premises of County Group and its associated construction company. The reason behind these raids was the suspicion of tax evasion and financial irregularities. It was reported that around 30 teams from the department's Noida unit were involved in the search operations, covering various locations in western Uttar Pradesh like Noida, Ghaziabad, and Meerut.
The trigger for these raids was the suspicion of unaccounted cash transactions and fund diversions through shell companies. Sources revealed that the authorities had been investigating County Group for some time and finally decided to take action after gathering strong evidence of financial misconduct. The investigation uncovered discrepancies in the company's accounts, including tax evasion and financial manipulations on a large scale.
The search operations began at 8 a.m. on Wednesday and were led by a large team of officials from the Noida unit. In addition, teams from outside Noida were also brought in to aid in the operation. So far, crucial documents and financial records have been seized, including those stored on laptops and other digital devices. It was discovered that the company had been engaging in cash transactions while selling flats, allowing them to evade taxes on a significant scale.
Further investigations also revealed that the group had been diverting funds through shell companies registered in Kolkata. The corporate office in Sector-132, Noida was the main target of the raids, with officials thoroughly examining financial transactions and records for any potential irregularities. County Group is a prominent player in Noida's real estate sector and is involved as a co-developer in three major housing projects - Cleo County, Ambience, and Ace. It also has a stake in an allotment named 'Shirja' in Sector-151.
Authorities have stated that the operation may continue for some more time as the probe delves deeper. Based on the findings of the searches, further action is expected to be taken. The Income Tax Department is determined to get to the bottom of these alleged financial misconducts and ensure that justice is served.
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