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Income Tax Department conducted extensive raids on the KCI Emporium Group of Kashmir.
SRINAGAR: The Income Tax Department conducted extensive raids on the KCI Emporium Group of Kashmir and a network of Dubai-based property agents, exposing hawala transactions worth several crores of rupees. The operations spanned multiple locations across India, including Srinagar, Mumbai, and Delhi.
An official revealed that individuals from Kashmir were found routing unaccounted cash to purchase properties in Dubai, UAE. The KCI Emporium, owned by Farooq Shaw, boasts showrooms in luxury hotels across India and overseas.
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Raids also targeted premises of middlemen facilitating these transactions. In Srinagar, searches were carried out at the residences of 39-year-old property dealer Waseem Ahmad Dar, son of Abdul Rashid Dar, and 35-year-old PDD employee Taha Majeed Dar, son of Abdul Majeed Dar, in Shahanwar Colony, Hyderpora.
During the raids, the IT Department seized crucial documents related to properties, revealing investments worth over ₹800 crores in Dubai-based real estate. The findings implicated individuals from cities like Srinagar, Delhi, and Hyderabad, who are now under investigation.
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The officials also uncovered property deals in Kashmir involving transactions exceeding ₹50 crores, many of which included large cash components. Additionally, cash amounting to over ₹1 crore was confiscated.
Further probes under the Income Tax Act, 1961, and the Black Money Act, 2015, are ongoing to establish deeper links and ensure compliance with financial laws.
