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The Income Tax Department has provisionally attached 282 acres of land on the outskirts of Hyderabad after uncovering benami transactions valued at about INR 2,002 crore. The land, located in Koheda and Omer Khan Daira villages, was originally owned by Sanghi Industries Ltd and later transferred through entities linked to its former promoters. Investigations found that the transactions were structured to hide beneficial ownership and bypass regulatory approvals. Authorities issued multiple attachment orders after tracing fund flows and ownership links.
The Benami Prohibition Unit of the Income Tax Department in Hyderabad has provisionally attached 282 acres of land near the city after determining that the properties were involved in benami transactions. The land parcels, spread across Koheda and Omer Khan Daira villages in Abdullapurmet mandal, were valued at approximately INR 2,002 crore. In total, 17 provisional attachment orders were issued as part of the action. Advertisement
Investigations revealed that the land originally belonged to Sanghi Industries Ltd, a listed company. Authorities found that the land was sold through a structured arrangement involving Incor Realty Projects and Venkateshwara Realty, entities linked to the company's former promoters. These transactions were allegedly carried out to conceal the real beneficiaries and avoid compliance with Securities and Exchange Board of India regulations.
Officials noted that the initial sale consideration was fixed at around INR 84 crore, which was deliberately kept below 10% of the company's turnover. This structuring allowed the transaction to proceed without requiring approval from the audit committee and non-promoter shareholders. Incor Realty was found to have acted largely as a facilitator, without funding the acquisition from its own financial resources.
After the promoters exited the management of Sanghi Industries following a corporate takeover, rectification deeds were executed to revise the land value to INR 218 crore. Further scrutiny showed that funds for the purchase were routed through two private trusts linked to the Sanghi family into Venkateshwara Realty. Bank statements and digital records indicated that the promoters retained effective control over the property, meeting the legal criteria for benami ownership.
The attachment forms part of a wider investigation into complex land transactions where layered entities and funding structures are used to mask actual ownership and bypass governance norms.
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