I-T dept conducts searches at locations linked to Ramee Group

Mumbai: The Income Tax Department Tuesday carried out searches at multiple locations linked to the Ramee Group of Hotels in connection with suspected tax evasion, people familiar with the matter said.

The hospitality group, which operates more than 40 properties across India, the UAE, Bahrain and Oman, has a significant footprint in the Middle East and India. Its promoter, Vadaraj Shetty, is regarded as one of Dubai's leading industrialists.

The company was not immediately available for comment.


The searches were conducted at more than 30 locations including Mumbai, Udaipur, Hyderabad and Goa, sources said.

Officials said Tuesday's searches sought to examine the group's financial records, revenue filings and other transactions as part of the tax-evasion investigation.

Ramee Group runs a diverse portfolio of hotels, restaurants, cafes and nightlife venues under brands such as Troy, Vice, Ocho, Tanatan, Mirch, Pizzata and R-Adda. The group also operates cloud kitchens and has been expanding its food and beverage presence in India and the Gulf.

Founded in 1985, the group opened its first hotel in Mumbai in 1994 after beginning its international foray. It expanded its portfolio in 2002 by acquiring three Mahindra Holidays properties. In 2011-12, it entered the premium hospitality segment with five-star hotels in India and Bahrain, and in 2021 launched its lifestyle brand Ramee Dream.