The Income Tax (IT) Department on Friday continued its raid at Trident Group Ludhiana for the consecutive fourth day. As per reports, at least 35 teams of IT Sleuths carried out raids at Trident Group, Cremica across the nation. While IT raided two big business houses, searches on Trident's premises were indeed a shocking one as the company is headed by Padmashree Rajinder Gupta. Talking about the IT's fourth-day raid at Trident Ludhiana premises, at least 300 employees have been questioned, and documents, and electronic gadgets including laptops, and computers have been seized. Now, the question arises what is the reason IT raided Trident Group? Below is everything you need to know about IT's suspicion of Trident and the politics revolving around it.
IT raid reason Trident Group
As per reports, the team of Income Tax is looking for irregularities in the balance sheet and is currently checking whether there is any manipulation or irregularity in the balance sheet presented by the company every quarter, half year, and annually. Unconfirmed reports suggest that Trident Group showcased that loss in its balance sheet and it raised IT's suspicion. At present no one is allowed to meet Trident Group Chairperson Rajindra Gupta. Trident Group operates in the sectors of yarn, home textile, paper, stationery, chemicals, and adaptive power.
It is pertinent to mention here that a section of the people is seeing IT raids at Trident Group through the political lens. 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 a much closer relationship with Delhi CM Arvind Kejriwal. Since the 2024 General is on the cards along with multiple state elections in the upcoming months, central agencies' crackdown is likely to amp up.
IT raid Trident Group Update
Reports suggest that on the first day of the IT raid, multiple lockers were sealed. Before this, the IT team confiscated documents of many properties. The details of all the lockers are being taken from the family. The mobile phones of the family members are also with the authorities.
Furthermore, the IT team is also taking details of the new properties purchased by the company (Trident) in 2022 and 2023. Apart from this, Income Tax is also keeping an eye on the property purchased by the company in the last five years. For this, account details of senior officials of the company and data on properties purchased by them are also being collected.