What Happened During the G Square IT Raid? Clarifying Allegations and Ensuring Transparency
In April 2023, G Square Realtors, one of India’s leading real estate companies, faced an IT raid as part of a nationwide investigation into tax compliance in the real estate sector. The raid sparked controversy, media speculation, and political allegations. However, G Square’s Managing Director, Bala Ramajeyam, quickly clarified the situation to dispel rumors and uphold the company’s reputation.
Routine IT Raid for Compliance
The G Square IT raid, conducted on April 24, 2023, targeted the company’s offices in Tamil Nadu, including Chennai, Coimbatore, Trichy, and Hosur. According to Ramajeyam, this was a routine compliance check, part of a larger operation addressing tax evasion in the real estate sector.
“These inspections ensure transparency and compliance. Similar raids have been conducted across other real estate companies in India,” said Ramajeyam.
The company emphasized its full cooperation with the authorities and its commitment to ethical practices, stressing that the raid reaffirmed its adherence to the law.
Addressing Political Allegations
After the raid, rumors surfaced linking G Square to the DMK political party. Ramajeyam categorically denied these claims, clarifying that the company had no political affiliations.
“The investigations proved there are no links between G Square and any political party. Allegations of our valuation being Rs. 38,000 crores are baseless and malicious,” he added.
Refuting Media Claims of Seizures
Several media outlets reported that Rs. 3.50 crore was seized during the raid. However, Ramajeyam refuted this, stating that no funds were confiscated. He urged the public to trust official IT department records, which confirmed there were no seizures.
G Square’s Contributions to the Economy
Amidst the controversy, G Square highlighted its positive impact on the economy.
Employment: Over the last 15 years, the company has generated 33,000+ direct and indirect jobs.
Tax Contributions: G Square contributes Rs. 1,000 crore annually in taxes, including income tax, GST, and stamp duties.
These figures demonstrate the company’s significant role in supporting India’s economy.
Commitment to Transparency
The IT raid, rather than tarnishing G Square’s image, has reinforced its dedication to transparency and ethical business practices. Ramajeyam’s statements, backed by official findings, clarified misconceptions and bolstered the company’s credibility.
Conclusion
Despite political allegations and false media reports, G Square Realtors remains focused on growth, compliance, and maintaining its leadership in India’s real estate sector. The company’s commitment to ethical practices and transparency ensures its reputation as a responsible industry leader.
