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The search action, which began early Thursday morning and concluded Tuesday evening, targeted the Bhole Baba, Dauji, Poddar, Malani and Bikaner groups, following inputs related to tax evasion and large-scale adulteration.
The Income Tax Department on Tuesday (October 1) carried out extensive raids against the Khazir Group, a prominent business conglomerate in Kashmir, with operations extending across multiple sectors including hospitality.
In a major crackdown, the Income Tax department on Thursday conducted raids at the properties of slain BJD leader and former Odisha minister late Naba Kishore Das and his associate Sanjay Nanda.
The Income Tax (I-T) department has launched a search operation at the offices of IIFL Finance Limited and related entities, including 360 ONE WAM (formerly IIFL Wealth) and IIFL Securities, according to a report by The Economic Times. The raids, which began on January 28, 2025, are reportedly linked to allegations of tax evasion.
In a significant operation, income tax (IT) officials aided seven premises linked to two finance brokers in Nagpur on Tuesday. The raids were carried out at their residences and offices in Civil Lines and Wardhaman Nagar, involving a team of around 35 IT staff members, including senior officers, a report in a local daily said.
The Income Tax Department conducted searches at the corporate offices of Googee Properties and Developers, as well as Anvita Builders, early Thursday morning.
Income tax authorities recently conducted raids on a direct selling agent (DSA) in Hyderabad, who assists with loan acquisitions for Non-Banking Financial Companies (NBFCs) and private banks. The investigation has revealed possible kickbacks to bank and company executives, prompting calls for a broader examination of industry practices, ToI reported on September 30.
The Income Tax Department conducted its largest raid to date, seizing an unprecedented Rs 352 crore in cash last year. The operation, which took place in December 2023 against a distillery group in Odisha, involved a rigorous 10-day effort of counting and securing the seized currency.
The Income Tax Department has seized about Rs 26 crore of “unaccounted” cash following raids carried out at multiple locations of a jewellery company based in Maharashtra’s Nashik district.
The investigation wing officials of the Income Tax (I-T) department said that they had recovered Rs.56 crore in cash from the premises of three footwear manufacturers in Agra.