Faris did not report; central agencies tighten investigation

KOCHI: The Income Tax Department and the Enforcement Directorate have intensified investigations into the foreign exchange and black money investment of real estate businessman Faris Abubakar, who did not report at the Income Tax office despite being issued two notices. The Income Tax Department is continuing to scrutinize the documents seized in the raid on Faris's establishments. Tax deduction at source (TDS) records on land transactions of these firms were found to be unclear and incomplete.

Through 92 establishments owned and partnered by Faris, land deals have been done in Kerala, Karnataka, Tamil Nadu and Andhra Pradesh. There are large areas of land owned in these places. Before mega projects like national highways were announced, such areas, including swamps, were bought, developed and sold. It is suspected that such transactions are with the support of political leaders and high officials.

The presence of political and bureaucratic figures in Faris' establishments may also be investigated. The Income Tax Department raided the establishments of Faris on the 20th of this month. Faris, who is abroad, did not turn up at the office in Nungambakkam, Chennai, despite giving notices through e-mail before and after the raid.