Ansal API Under Investigation for Tax Discrepancies and Investor Grievances

Between April 8 to April 11, 2025, the Income Tax (I-T) Department had carried out widespread search and seizure operations at various offices and homes associated with Ansal Properties and Infrastructure Limited (Ansal API), a leading real estate company. The raids, which were prominently at five locations in Lucknow such as the office of Sushant Golf City, were initiated following charges of massive tax evasion and rising complaints from investors and buyers.

 

The authorities have confirmed that the Delhi branch of the I-T Department launched the operation after receiving information regarding major mismatches between the investments made by thousands of people and the amount declared by the company. More than 50 FIRs have been lodged since March 4, 2025, charging Ansal API with fraud and cheating investors by not handing over promised properties despite receiving hefty payments. During the investigation, authorities reviewed documents on these investments and the company's tax returns, with a valuer helping to assess the assets and accounts.

 

The crackdown coincides with Ansal API undergoing insolvency proceedings before the National Company Law Tribunal (NCLT), where the Lucknow Development Authority (LDA) and other authorities have also become a party to the case seeking recovery of dues and safeguarding homebuyers' interests. The Uttar Pradesh government has issued a warning of property seizure in case the funds of the investors are not refunded, indicating ramped-up legal action against the group.

 

These concerted efforts highlight the government's determination to settle investor complaints and ensure accountability in the realty sector.

 

Source: Hindustan Times, NSE, Hindustan Times (Lucknow)