Hyderabad: Major IT Raids On Exel Group Of Companies

IT raids in Excel Group of Companies in Hyderabad - Sakshi Post

HYDERABAD: In an early morning swoop Income Tax (IT) teams who came in 40 cars and three CRPF vehicles are conducting raids in 20 different locations of the Exel group of companies in Gachibowli, Chandangar, and Bachupally in the city related to funding received from abroad and also related to tax evasion.

As per reports, the residences of six company directors along with corporate offices are also being searched in various places across the city.

IT officials have reportedly confiscated the mobile phones of employees working at the offices. Chennai-based Exel group of companies is involved in Rubber and plastic manufacturing, Infra, IT, travel, Engineering, Healthcare, finance, and trading sectors. They are said to be the franchise owners of the prominent tyre brands in the South of India.

Searches are ongoing in five places in Sangareddy, six locations in Narsingi, four offices in Bachupally,  Bollaraun Dundigal and Kokapet

The IT Department has identified that Rs 500 crore funds from London were invested in the Exel group of companies. IT officials are inquiring about the irregularities in tax evasion and the source of funding. 

This is a developing story ... Further details are awaited.

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