Troubles mount for real estate developer Bhutani Group after ED raids. The real estate company has been the target of different probe agencies in the past. In January last year, 40 teams of the Income Tax (IT) department raided four builders of Noida for tax evasion. In the search operation that lasted for six days, IT department officials seized cash amounting to Rs 1,500 crore. The I-T officials also seized two pen drives hidden by the employees of BhUTani Group. The data recovered from the pen drive revealed that the Bhutni Group has accepted unaccounted cash worth Rs 595 crore since the financial year 2019-20. The group had received cash worth £ 429 crore in the financial years 2019- 20, 2020-21 and 2021-22. In November, BhutANI Infra acquired the commercial project ‘Logix City Center’ from PAG and Logix group promoters with an estimated cost of around £1,000 crore. Earlier this month, Bhuani Infra confirmed that it has withdrawn from any planned collaboration with the WTC Group and will have no role in any WTC Group’s current, ongoing, completed, or future projects.
