The Income tax department on Wednesday, January 4, conducted raids on Excel Group of Companies in Hyderabad and other premises linked to it. Searches are being conducted at the Gachibowli headquarters of the company.
Raids are being conducted simultaneously at 18 places across the country since Wednesday, sources told ANI.
According to reports, the Chennai-headquartered company's premises in Chandanagar and Bachupally was also raided. Reportedly, the IT officers showed up in 40 cars with three CRPF vehicles.
According to a report, residences of the six company directors along with corporate offices in Madhapur and Bachupally were raided as well. The officials have also confiscated employees' mobile phones and many documents from their Gachibowli office were seized.
The report quoted sources saying that the officials had detected irregularities in income tax payment.
Excel group of companies is involved in rubber and plastic manufacturing business apart from Infra, IT, travel, engineering, healthcare, finance and trading sectors.
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