I-T sleuths raid Manipal group offices and houses

I-T sleuths raid Manipal group offices and houses

Mangalore Today News Network

Bangalore, April 13: Income-Tax officials raided the offices and residences of real estate czars, including Century Group owned by P Dayanand Pai and Satish Pai, and Manipal University managed by the Pais.

Over 150 sleuths raided 34 premises in Bangalore, Manipal, Udupi and Mysore. At Manipal, the raids were on the offices of Manipal University and the residence of president and chancellor Ramdas M Pai. The Manipal group’s educational institutions in Bangalore too were raided. Among other tax documents, the officials perused and seized documents pertaining to admission of foreign students and transactions related to land purchase by the university.

Sources said 12 teams, with four members each, conducted the raids In Bangalore. Raids were also conducted on realtors Venkataramana Reddy and Chandrashekar, residents of HSR Layout.

The website of Century Real Estate owned by Dayanand Pai and Satish Pai declares: "We are the largest owners of real estate in Bangalore with a land bank in excess of 3,000 acres representing more than USD 2 billion in asset value and a development portfolio of over 10 million square feet comprising hotels, office buildings, residences, educational institutions and integrated townships spread across South India.’’

Repeated efforts to contact top officials of Century Group did not elicit any response.