IT raids in Lalit hotel group: 1,000 crore hidden foreign assets seized

(PTI) New Delhi, Ta. January 24, 2020, Friday

The Income Tax Department has discovered unapproved foreign assets worth Rs 1,000 crore in the complexes of Bharat Hotel Group, the owner of a hotel chain named Lalit Hotel. According to the CBDT report, there was also evidence that the business group had hidden black money abroad.

None of the names were mentioned in the statement issued by CBDT, the policy-making body for the Income Tax Department, after the raids were issued. However, according to official sources, raids have been carried out in 13 complexes of the Bharat Hotel Group, led by Jyotsi Suri.

The Central Board of Direct Taxes (CBDT) said in a statement that the raids were successful and that during the course of the investigation, undisclosed foreign assets worth more than Rs 1000 crore were detected. Apart from this, 35 crores of rupees have been apprehended in the country too.

The statement further said that the undisclosed foreign assets include a hotel in the UK, real estate, real estate in the UAE and deposits at foreign banks.

According to CBDT, the group is a prominent member of Hospitality Industries. The group operates a chain of luxury hotels in various locations in India and a hotel abroad. So far, a total of Rs 24.93 crore worth of unapproved assets including cash of Rs 71.5 lakh have been taken into the tank during the raids.

From January 19, the Income Tax Department started raiding 13 complexes of Bharat Hotel Group, Suri and others in Delhi and its surrounding areas. Jyotsna Suri has been associated with the India Hotel Group since 1989. After the death of her husband Lalit Suri in 2006, Jyotsi is the chairman and managing director (CMD) of Suri Group.