New Delhi (14.03.2022): The Income Tax Department is conducting search operations on realty developer company Omaxe Limited. These searches began at 7 am on Monday at various office locations of the company. These searches were being conducted at 28 locations in North India, including office and residential premises of top company management in Noida, Delhi, Gurugram, Faridabad, Chandigarh, etc.

Sources said the action of the Income Tax Department is linked to investigations that found out alleged irregularities and concealment of income by the company.

As the I-T Department conducted the raids, the stock of the company also plunged sharply and was down by 2.6 percent at 1 pm.

In the December 2021 quarter, Omaxe Limited reported a consolidated rise of 75.34 percent in income. However, the company reported a loss of Rs 38.56 crore for the same time period.

The company’s realty projects are based in Lucknow, Ludhiana, Prayagraj, New Delhi, among others.