Income Tax Department Launches Raids on Kalpataru Builders for Suspected Tax Evasion

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Mumbai, 4th August 2023: In a significant development, officials from the Income Tax Department have executed raids on a total of 30 locations linked to the prominent Mumbai-based real estate conglomerate, Kalpataru builders.

The raids, which spanned across four states, were initiated as part of an investigation into alleged tax evasion by the company. Reliable sources within the IT department have confirmed the extensive operation.

The wide-reaching raids included thorough searches of approximately 30 premises associated with Kalpataru builders, including the residences of key figures within the organization. Among those targeted were Mofatraj Munot, the esteemed founder of the Kalpataru Group, and Parag Munot, the Managing Director. Both their homes were subjected to meticulous scrutiny by the tax department’s officials.

Kalpataru Group, renowned as one of Mumbai’s leading builders, has been a prominent player in the city’s real estate landscape. The company’s reputation and influence extend across various sectors of the industry, making these raids a matter of heightened public interest.

The raids were conducted as part of an ongoing effort by the Income Tax Department to ensure compliance with tax regulations and to investigate potential instances of tax evasion. The investigation and subsequent actions are in alignment with the department’s commitment to upholding the integrity of the country’s taxation system.

As the investigations progress, further details regarding the outcomes of the raids and any subsequent legal actions will be made available to the public.