Full Breakdown
Tax Investigation Surrounds New Zealand Real Estate Figure Rickhil Prakash
3/2/2026, 5:58:33 AM
Overview of the Situation
Rickhil Prakash, the sole director of Hills Real Estate, is currently embroiled in a tax investigation led by the Inland Revenue Department (IRD) of New Zealand. This investigation has resulted in the liquidation of multiple companies associated with Prakash, raising questions about his fitness to hold a real estate license.
Key Developments in the Investigation
The Real Estate Authority (REA) is reviewing whether to renew the licenses of any officers connected to Hills Real Estate, which has recently been placed into liquidation. An REA spokesperson stated that inquiries regarding individuals linked to Hills are ongoing, but they could not provide further comments due to the sensitive nature of the matter. Despite the ongoing investigation, Prakash's real estate license remains active, allowing him to continue working as a salesperson.
Prakash's recent employment history shows a pattern of rapid transitions between real estate agencies. After leaving Wallace Real Estate, where he was employed for a brief period, he secured a position at Shavin Real Estate. Notably, six of the 22 properties currently listed by Shavin were previously associated with Prakash during his time at Hills and Wallace.
Financial Implications and Company Liquidations
Prakash has been identified as one of New Zealand's prominent property traders, with reports indicating that he and his associates flipped 71 properties between 2021 and 2024, spending approximately $54 million and selling them for nearly $60 million. However, this success has been overshadowed by financial troubles, as five companies linked to Prakash have entered liquidation, collectively owing creditors over $16 million.
Among these companies are New Zealand and Auckland Developments, which owes $8.9 million, and Akrish Properties, with a debt of $4.2 million. The IRD has been pursuing these debts since at least 2024, and liquidators have been investigating potential breaches of director duties and overdrawn shareholder accounts.
Official Statements & Responses
Shavin Lal, owner of Shavin Real Estate, confirmed that Prakash's license status was verified and remains active, allowing him to sell properties. Lal emphasized that all salespeople are required to bring listings with them, and the agency conducts anti-money laundering checks on properties.
Criticism & Opposition
Critics have raised concerns about Prakash's ability to operate within the real estate sector amid ongoing investigations. Luke Nutting, CEO of Wallace Real Estate, expressed disappointment upon learning about the severity of the allegations against Prakash, stating that staff implicated in the IRD investigation were no longer with his agency.
Conflicting Reports & Gaps
While the REA is considering the renewal of Prakash's license, it remains unclear whether he has formally applied for renewal or why the expiry date of his license has not been updated. Additionally, the exact amount owed to creditors following the liquidation of Hills Real Estate is still undetermined, as liquidators continue to assess the situation.
Verbatim Quotes
- “Staff recently hired by our business who have been implicated in the IRD’s ongoing investigation are no longer working at Wallace Real Estate,” — Luke Nutting, CEO of Wallace Real Estate
- “He can still sell properties,” — Shavin Lal, Owner of Shavin Real Estate
As the investigation unfolds, the implications for Prakash and the broader real estate market in New Zealand remain to be seen.
