Income Tax raids target business group in Srinagar, Delhi and Mumbai

Srinagar, Oct 02: The Income Tax Department on Tuesday (October 1) carried out extensive raids against the Khazir Group, a prominent business conglomerate in Kashmir, with operations extending across multiple sectors including hospitality.

According to credible sources, the searches began in the early hours and spanned over 20 locations in Srinagar, Delhi, and Mumbai. Several incriminating documents and digital records were reportedly seized during the operations, which are now being scrutinized for possible violations of tax and financial laws.

Local sources revealed that cash was recovered, multiple lockers were sealed, and evidence of undisclosed foreign assets was unearthed. The findings allegedly include unexplained investments in Dubai properties worth tens of crores.

Preliminary assessments point to large-scale tax evasion running into several crores, though officials have not issued an official confirmation yet.

The Khazir Group, which also owns the well-known Sarovar Portico Hotel in Srinagar, remains under the scanner as the Income Tax Department expands its investigation.