Chennai: More than a week after Income Tax (I-T) department officials conducted raids in the offices of G Square Realtors across the country, the popular real estate company Wednesday said these investigations “conclusively” and “unequivocally” prove that the firm has no connection with any political party or family member of any such party.
The statement, which was issued by Managing Director of G Square, Bala alias Ramajeyam, said the investigations have “effectively debunked all baseless allegations, including the false and malicious claim regarding our net worth of Rs 38,000 crore”.
Earlier, Tamil Nadu BJP chief K. Annamalai, as part of the party’s ‘DMK Files’ campaign’, had alleged that the firm was owned by DMK members and garnered a revenue of Rs 38,827 crore.
Ramajeyam also denied media reports alleging seizure of Rs 3.50 crore during the searches. “Such claims are baseless, misleading, and intended to tarnish our reputation and especially when they are readily verifiable with tax authorities,” he said.
G Square also said that the I-T searches were of a routine nature and similar inspections were conducted on several other real estate companies across the country in the past few months.
The raids began on 24 April, following a case of alleged tax evasion involving G Square Realtors, and were conducted at over 50 locations across Tamil Nadu, including in Chennai, Coimbatore, Trichy and Hosur. Raids were also conducted at DMK MLA M.K. Mohan’s house.
State BJP Vice President Narayanan Thirupathy told ThePrint, “How did Ramajeyam of Baby electronics Tirupur become G Square Bala. Second, how a loss-making company, after its relationship with some DMK members in the last two years, has become a Rs 30,000 crore firm.”
He added, “It is obvious that they will not accept their links to the DMK. Raids have happened and further investigation will reveal more.”
Taking a dig at the BJP, the company said it “thanks” individuals with “malafide intentions who have made baseless allegations against G Square” and added that “unwarranted actions” have forced it to “emerge stronger and grow into a powerful national brand”.
Over the last 15 years, G Square has provided direct and indirect employment to 33,000 people, the company’s statement read. It also said that the company contributes nearly Rs 1,000 crore to the state exchequer in the form of income tax, GST, and stamp duties.
ThePrint reached officials of the I-T department Thursday but they refused a comment on the matter.
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