#ITraidsAtGSquare

[estateedge]

G Square IT Raid: No Political Association, Claims G Square Realtors MD

G Square Realtors, a prominent real estate company, has addressed the Income Tax (I-T) raids that took place over a week ago. The company’s Managing Director, Bala alias Ramajeyam, issued a statement clarifying that the I-T investigation has "conclusively" debunked all allegations, including false claims about their net worth and political connections.

The raids, which occurred at G Square Realtors' offices nationwide, were part of an ongoing inquiry into allegations of tax evasion. According to Ramajeyam, the investigation "unequivocally proves" that G Square has no affiliation with any political party or its members. This statement comes in response to accusations made by Tamil Nadu BJP chief K. Annamalai, who as part of the ‘DMK Files’ campaign, suggested that G Square Realtors was linked to the DMK party and had a reported revenue of Rs 38,827 crore.

Ramajeyam also dismissed media reports claiming the seizure of Rs 3.50 crore during the raids, describing these reports as "baseless" and "misleading." He emphasized that such allegations could be easily verified with the tax authorities. "These claims are intended to tarnish our reputation, but we are confident in the integrity of our operations," he added.

G Square clarified that the I-T searches were routine, noting that similar inspections had been conducted on other real estate companies across India in recent months. The raids, which began on April 24, targeted over 50 locations across Tamil Nadu, including Chennai, Coimbatore, Trichy, and Hosur. Additionally, a raid was carried out at DMK MLA M.K. Mohan’s residence.

In response to further comments made by BJP Vice President Narayanan Thirupathy regarding the company’s rapid growth, G Square reiterated that their rise to prominence was based on legitimate business practices. The company thanked those with "malafide intentions" for bringing attention to the matter, stating that the unwarranted actions had only strengthened the company’s resolve. "These challenges have helped us grow into a powerful national brand," said Ramajeyam.

G Square Realtors also highlighted its significant contributions to the economy, noting that over the past 15 years, the company has provided direct and indirect employment to 33,000 individuals. The company contributes nearly Rs 1,000 crore to the state exchequer in the form of income tax, GST, and stamp duties.

In conclusion, G Square Realtors maintains that the I-T raid has validated their business operations and reputation, putting to rest any unfounded allegations about their net worth or political affiliations.