Responding to the I-T raids against the company that started on Monday, April 24, real estate company G Square Realtors Private Limited has strongly refuted allegations and stated that over the past few months, it has been subjected to unwarranted persecution from multiple fronts through unfounded allegations with no evidence to back them up. “Even though it has been an incredibly challenging time for us, we are grateful that measures are now being taken to validate the legitimacy of these claims,” the company said in a statement.
G Square Realtors said that as an organization, they believe in transparency and have always been open with their stakeholders. “We assure everyone that we have nothing to hide and nothing to fear. We are fully cooperating with the authorities throughout this process and are hopeful that this validation will put an end to the malicious propaganda that has been spread against us.”
Earlier in the day, Income Tax (I-T) department officials began conducting raids in at least 50 locations related to G Square Realtors in Tamil Nadu and Karnataka. The raids came a week after Bharatiya Janata Party (BJP) Tamil Nadu state president K Annamalai released the 'DMK files’ accusing many top leaders of the Dravida Munnetra Kazhagam (DMK) of owning questionable assets. He alleged that the revenue of G Square increased manifold since 2019, because of their links with Tamil Nadu’s ruling party.
The searches began around 7 am in multiple offices of the company located in Chennai, Coimbatore and Bengaluru, as well as at the residence of the company owner Ramajayam alias Bala. In addition, a chartered accountant from Anna Nagar and another close associate of the company owners have also come under the scanner of the I-T authorities.
Responding to Annamalai’s allegations, the company released a statement saying that they were neither owned nor controlled by the DMK. “We hereby clarify that our company is neither owned nor controlled by ‘the 1st family of DMK’ and all the allegations to the contrary are purely false and baseless. However, it is unfortunate that such allegations have been raised by a person like yourself, who is holding a responsible position in a national political party.”
Thanking the media and public for their unwavering support and solidarity, the company stated, “Your support has been a great source of strength to us during these difficult times. We remain committed to serving our clients and stakeholders with integrity, transparency, and professionalism.”