Breaking its silence over the week-long Income Tax raids, real estate company G Square Realtors on Wednesday said that the comprehensive investigations conducted by tax authorities have “conclusively and unequivocally” confirmed that the company has no association with any political party or family members of any such party.

Over the last one week, IT sleuths have been conducting searches at G Square Realtors offices across the country.

In a press release, the Chennai-based real estate firm said the investigations have debunked all baseless allegations, including the false and malicious claim regarding the company’s net worth as ₹38,000 crore. “We are greatly relieved that this is an opportunity for us to present the truth to the public and to vindicate our position which is verifiable with central authorities,” read the statement signed by G Square Realtors MD, Bala.

Providing employment

The company said it has been into real estate development over the last 15 years and has provided direct and indirect employment to 33,000 people besides contributing nearly ₹1,000 crore to state exchequer in the form of income tax, GST, and stamp duties.

“G Square shall remain a committed taxpayer and will continue to work closely with tax authorities for the positive resolution of any outstanding issues relating to the search,” it added.

The company also added that there have been no cash seizures during the recent search contrary to some media reports.

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