Income Tax Dept Conducts Searches at Over 10 Locations in Rajkot, Morbi

Rajkot: The Income Tax Department on Tuesday launched simultaneous searches at multiple locations in Rajkot and Morbi over suspected irregularities in foreign fund transfers, overseas investments and alleged tax evasion, triggering concern in the business community.

It is learnt that IT teams searched around seven premises in Rajkot and four locations in Morbi, with more than 60 senior officials involved in the operation. The searches focused on businessmen and companies allegedly linked to suspicious financial transactions, foreign investments and possible money laundering.

Officials reportedly examined accounting records, bank accounts, digital documents and computer hard drives as part of the investigation. The operation is also looking into suspected investments in overseas property and real estate, as well as the possibility of unaccounted or benami transactions.

A major part of the operation focused on two limited companies with units in Rajkot and Morbi. The companies are involved in manufacturing machinery and dyes used in the ceramic and tile industry in Morbi, while another unit is engaged in graphic printing.

The Income Tax teams are examining their financial records and digital data for suspected unaccounted transactions running into crores of rupees.

The Income Tax Department has not officially disclosed details of the searches or their findings so far. Verification of financial records and digital data is continuing. DeshGujarat