The Income Tax (IT) Department on Tuesday conducted raids one Punjab's two biggest business houses- Trident Group and Cremica in Ludhiana. The IT raid was also carried out at the Budhni plant of Trident located in Madhya Pradesh. True Scoop News first broke the news of IT raids at Trident Group in Ludhiana on Tuesday. As per reports, the IT sleuths who were present at the Trident premises in Ludhiana had asked the employees to keep their phones aside and no one was allowed to go out or come inside until the searches are concluded.
Now, in IT raid Trident group update, it has been learned that searches are underway on the second day as well. As per reports, the IT raid is likely to continue for the next five to six days and no one is allowed to meet chairperson Padma Shri Rajinder Gupta. A report suggests that the Trident group came on IT radar after they showcased loss in their balance sheet.
It is worth mentioning that 35 teams of IT are raiding premises linked to Trident group and its chairperson Rajinder Gupta's relatives that include Rajini Bector. Not only founding members, but the IT sleuths are conducting searches at senior employees residences. It is stated that Trident Group Chairman Rajinder Gupta has a familiar relationship with Cremica group i.e. in Phillaur.
For the unversed, the Trident Group was founded by Padma Shri Rajinder Gupta. It has production plants in Budhni, Madhya Pradesh, Barnala, and Dhaula, Punjab, and is a prominent player in yarn, home textiles, paper and stationary, chemicals, and adaptable power.
It is pertinent to mention here that a section of media is seeing IT raids at Trident Group through political lense. Rajinder Gupta had also served as the vice-chairperson of the Planning Board previously. After the AAP government came into power, the Planning Board was dissolved and replaced with the State Economic Policy and Planning Board. It is said that Padma Shri Rajinder Gupta's relationship with every party is cordial, but ever since the Aam Aadmi Party came to power in Punjab he shared much closer relation with Delhi CM Arvind Kejriwal. Since, the 2024 General is on cards along with multiple state elections in the upcoming months, central agencies crackdown is likely to amp up.