The Income Tax Department’s Benami Prohibition Unit has provisionally attached 2.2 acres of high-value land in Narsingi village of Rangareddy district, Telangana, estimating its market worth at nearly ₹100 crore. The property is alleged to be a benami asset held in the name of Gia Global Consultants Pvt Ltd.
According to the provisional attachment order, the land was purchased by Gia Global through a sale deed dated October 16, 2023, for a declared consideration of ₹8.5 crore, along with stamp duty and registration charges of ₹64 lakh. However, investigations revealed significant discrepancies in the transaction.
The department found that Gia Global had a paid-up capital of just ₹10 lakh and reported no income. Further scrutiny showed no credible banking trail to support the high-value purchase. While the sale deed indicated payment via cheque from a State Bank of India account, verification revealed no corresponding debit entries. In fact, the total debits from the account during the relevant period were only around ₹9.1 lakh.
Gia Global was incorporated on August 11, 2023, and opened its bank account on October 12, 2023—just four days before the land transaction. Officials concluded that the company lacked the financial capacity and creditworthiness to undertake such a purchase.
Statements recorded during the investigation further strengthened the department’s case. On February 18 and 19, 2026, director Koneru Murali Krishna admitted under oath that the company had not paid the sale consideration. Similarly, on March 6, 2026, Pajjuri Karunakar, representing the seller Industrial Oil Purification Pvt Ltd, confirmed that no payment had been received.
Based on these findings, authorities concluded that although the sale deed recorded a transaction, the funds were neither paid by the purchaser nor received by the seller. Instead, the deal is suspected to have been financed by an unidentified or untraceable third party for their own benefit.
The transaction has been classified as benami under Section 2(9)(D) of the Prohibition of Benami Property Transactions Act, 1988. Gia Global has been identified as the ‘benamidar’, allegedly holding the property on behalf of an undisclosed beneficial owner.
The order also highlighted a stark undervaluation. While the registered value of the land stood at ₹8.5 crore, its estimated market value was pegged at around ₹100 crore, based on government auction rates for similar properties in the area.
A show-cause notice was issued to the company on April 2, 2026, followed by the provisional attachment order on April 23, 2026. The department stated that the attachment was necessary to prevent any sale, transfer, or disposal of the property while proceedings under the Benami law are ongoing.
Additionally, the order referenced the seller’s past legal issues, noting that Industrial Oil Purification Pvt Ltd had previously been fined ₹5 lakh by the Telangana High Court for illegal alterations of land records in the same region.
