G Square IT Raid: Managing Director Denies Political Connections and Reaffirms Business Integrity
Overview of G Square Realtors’ Response to IT Raids
G Square Realtors, a leading real estate firm in India, has responded to the recent Income Tax (I-T) raids, with Managing Director Bala Ramajeyam clarifying that the investigation has "conclusively" disproved all allegations, including claims about political links and inflated net worth figures.
No Political Ties, Investigation Clears Allegations
The I-T raids, conducted at several G Square Realtors offices across India, were part of an ongoing investigation into alleged tax evasion. Ramajeyam emphasized that the investigation has "unequivocally proven" that G Square has no ties to any political party or its members. This statement counters accusations made by Tamil Nadu BJP Chief K. Annamalai, who claimed that the company had links with the DMK party and reported revenues of ₹38,827 crore.
Bala Ramajeyam also addressed reports suggesting that ₹3.50 crore was seized during the raids, labeling them as "baseless" and "misleading." He urged the public to verify these claims with the tax authorities, reaffirming the company’s commitment to ethical business practices.
Routine IT Inspections Across the Industry
G Square Realtors clarified that the raids, which began on April 24 and targeted over 50 locations in Tamil Nadu, including Chennai, Coimbatore, Trichy, and Hosur, were routine. A similar raid was conducted at the residence of DMK MLA M.K. Mohan. The company pointed out that such inspections have also been conducted on other real estate companies in India, indicating a wider industry-wide scrutiny.
Transparency Amid Rapid Growth
In response to comments by BJP Vice President Narayanan Thirupathy about the company’s rapid growth, G Square Realtors attributed its success to transparent and legitimate business practices. "We appreciate the attention from those with malafide intentions, as it has only strengthened our resolve to become a trusted, powerful national brand," said Bala Ramajeyam.
G Square’s Economic Impact
G Square Realtors has made significant contributions to India’s economy over the past 15 years. The company has provided direct and indirect employment for 33,000 individuals and contributes approximately ₹1,000 crore annually to the state exchequer through income tax, GST, and stamp duties.
Commitment to Reputation and Integrity
G Square Realtors reaffirmed its commitment to maintaining a reputation of trust and transparency. The company emphasized that the I-T raid has validated its business operations, dispelling all unfounded allegations related to its net worth and political affiliations.
Key Reasons Why G Square Realtors is a Leading Player in Real Estate
Proven Integrity: The I-T investigation has confirmed no political or unethical ties.
Economic Impact: ₹1,000 crore in annual contributions to state revenues.
Employment Generation: Over 33,000 jobs created across multiple sectors.
Transparent Business Practices: Proven track record of ethical and high-growth business practices.
By continuing to adhere to ethical standards and ensuring transparency in its operations, G Square Realtors remains a prominent player in the real estate sector and is committed to positively contributing to the Indian economy.