Sunday, February 25, 2024
GABM
GABM
HomeNewsTop NewsI-T seizes Rs 2 crore from King's Group of Companies

I-T seizes Rs 2 crore from King’s Group of Companies

King's Group is a family business founded by Shanawaz, while Mohammed Zubairuddin, Mohammed Naseeruddin and Shaifuddin are directors. While I-T sleuths are investigating into Shanawaz's political links, he denied having any.

The income tax investigation Hyderabad unit conducted searches on real estate firm, King’s Group of Companies, on Saturday and seized 2 crore cash. The I-T department is suspecting political connections and made searches in 20 locations belonging to King’s Group and its promoters.

In a separate case, I-T sleuths searched the property of Tandur BRS MLA Pilot Rohith Reddy’s brother Ritesh Reddy and seized 26 lakh.

King’s Group is a family business founded by Shanawaz, while Mohammed Zubairuddin, Mohammed Naseeruddin and Shaifuddin are directors. While I-T sleuths are investigating into Shanawaz’s political links, he denied having any.

The group is into real estate, infrastructure and hospitality sectors and other businesses. It has companies in India, the UK and the UAE. Kings Radio Exim Private Limited, Sapphire Avenues LLP, Smartzon Property Solutions Limited, ZNS Builders and Developers, King’s Convention Centre Private Limited, King’s Classic Towers Private Ltd, King’s Warriors Private Ltd, King’s Radio Exim FZ LLC (UAE) and King’s Radio Exim (UK) are some of the prominent firms owned by Shanawaz.

He also owns two function palaces, including King’s garden function hall in Engine Bowli, and developed King’s Colony in Shastripuram. The income tax benami prohibition unit in Hyderabad earlier this year attached a Mercedes Benz owned by Naseeruddin in the name of a ‘benamidar’. The car has an ex-showroom price of 1.27 crore. It was registered with Road Transport Authority in Hyderabad.

RELATED ARTICLES

Most Popular

Hot News