(MENAFN- Kashmir Observer) Srinagar – The Income Tax Department conducted raids on the KCI Emporium Group, a prominent business entity in Kashmir, as part of a broader investigation into illegal financial activities linked to Dubai property investments. The operation, carried out on Wednesday, simultaneously targeted premises in Srinagar, Mumbai, and Delhi.
Preliminary findings revealed that certain individuals from Kashmir had been involved in hawala cash transactions to fund investments in Dubai-based properties. Among the evidence seized were records indicating property deals within the Kashmir Valley amounting to over Rs 50 crores, with a significant portion involving large cash components. Additionally, more than Rs 1 crore in cash was confiscated during the searches.
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The investigation has uncovered a larger network connecting middlemen and investors across India , with total Dubai property investments exceeding Rs 800 crores. Individuals from Srinagar to Hyderabad are now under scrutiny by the Income Tax Department for tax evasion and the use of unaccounted funds in real estate deals.
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The Income Tax Department said that a probe under the Income Tax Act, 1961, and the Black Money Act, 2015, has been underway in this regard.
Farooq Shaw, owner of KCI Emporium, which operates showrooms in five-star hotels across India and abroad, is under scrutiny for his alleged involvement.
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The raids also targeted the residences of Waseem Ahmad Dar, a 39-year-old property dealer, and Taha Majeed Dar, a 35-year-old employee of the Power Development Department, in Srinagar's Hyderpora area.
KCI Emporium is a residential complex located in Nishat, Srinagar, Jammu and Kashmir. Developed by KCI Projects Pvt. Ltd., the project offers residential apartments and has been in the spotlight for reasons beyond its real estate offerings, sources told Kashmir Observer.
Gibran Makhdoomi, the promoter/director of KCI Projects Pvt. Ltd., and Parvez Ahmad Nengroo, the former Chairman of J&K Bank, are key figures associated with the project. Nengroo is allegedly involved in a loan scandal tied to the KCI project.
The controversy centers around allegations that J&K Bank extended undue financial favors to KCI Projects Pvt. Ltd., leading to substantial financial losses. The Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) are currently investigating the matter.
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