Cash, lockers, foreign assets seized; probe reveals tax evasion worth crores
Srinagar: The Income Tax Department in Srinagar launched widespread raids across various parts of Jammu and Kashmir against the well-known Kashmiri business conglomerate, Khazir Group.
The operation began in the early hours of October 1, 2025, and, according to credible sources, extended to multiple locations in Delhi and Mumbai.
Officials from Srinagar have not responded to requests for confirmation regarding the raids. However, local sources report that numerous incriminating documents and digital evidence have been seized and are currently under analysis for potential violations of income tax and other financial laws.
Initially, over 20 locations across Srinagar, Delhi, and Mumbai were targeted, with multiple teams of income tax officials involved in the operation. It is further reported that cash has been confiscated, several lockers attached, and investigations have uncovered investments in local properties, foreign assets, and unexplained wealth.
Notably, evidence suggests significant unexplained investments in Dubai properties worth tens of crores of rupees, officials said. The raids have so far revealed tax evasion amounting to crores of rupees, with further investigations ongoing.
The Khazir Group also operates several hotels in Kashmir, including the well-known Sarovar Portico Hotel. The authorities are continuing their probe to uncover the full extent of financial irregularities associated with the group.