G Square IT Raid Proves No Political Ties, Clarifies G Square Realtors
In a statement released following recent Income Tax (I-T) raids, G Square Realtors has firmly denied any association with political parties or their members. The prominent real estate company, led by Managing Director Bala alias Ramajeyam, emphasized that the investigations have conclusively debunked all allegations and malicious claims, including an exaggerated estimation of the company's net worth at Rs 38,000 crore.
Allegations Addressed Post G Square IT Raid
The I-T raids, conducted on 24 April, targeted over 50 locations across Tamil Nadu, including Chennai, Coimbatore, Trichy, and Hosur, as well as the residence of DMK MLA M.K. Mohan. Following the searches, Tamil Nadu BJP chief K. Annamalai alleged that G Square Realtors was linked to DMK members and cited an inflated revenue figure of Rs 38,827 crore under the BJP’s ‘DMK Files’ campaign.
Responding to these accusations, Bala clarified, “The investigations have effectively debunked all baseless allegations, including the false and malicious claim regarding our net worth of Rs 38,000 crore.” He also denied reports suggesting the seizure of Rs 3.50 crore during the raids, calling such claims “baseless, misleading, and intended to tarnish our reputation.” Bala assured that all records are verifiable with tax authorities.
G Square IT Raid: A Routine Procedure
G Square Realtors described the I-T searches as routine inspections, pointing out that similar investigations have been conducted on several real estate companies across India in recent months. The company expressed gratitude towards detractors for their baseless allegations, stating that such unwarranted actions have only strengthened their resolve to grow into a prominent national brand.
Political Links Denied
Despite allegations from State BJP Vice President Narayanan Thirupathy questioning the company’s rapid growth and perceived connections to DMK members, G Square Realtors categorically denied any political ties. Thirupathy alleged that the firm’s association with certain political figures transformed it into a Rs 30,000 crore enterprise within two years. However, G Square has maintained that the company operates transparently and independently.
G Square’s Contributions and Achievements
Over the past 15 years, G Square Realtors has emerged as a leader in the real estate sector, creating direct and indirect employment opportunities for over 33,000 individuals. The company contributes significantly to the state’s economy, with nearly Rs 1,000 crore paid annually in income tax, GST, and stamp duties.
In light of the G Square IT Raid, the company reiterated its commitment to ethical business practices and sustainable growth. Bala emphasized, “These events have only motivated us to emerge stronger and uphold our reputation as a trusted real estate brand.”
Moving Forward
G Square Realtors’ handling of the recent G Square IT Raid underscores their commitment to transparency and accountability. As the company continues to expand its footprint, it remains steadfast in its mission to deliver excellence in the real estate industry while fostering trust among its stakeholders.
This incident serves as a reminder of G Square’s resilience and its ability to rise above challenges. By maintaining a clear focus on its objectives, the company aims to continue its journey of growth and success, free from unwarranted allegations and distractions.