Income Tax raids 50 locations linked to Polycab India

Mumbai, Dec 22, 2023 – In a significant development, the Income Tax Department carried out extensive raids at over 50 locations associated with Polycab India, the nation’s largest manufacturer of wires and cables. The operation, conducted on Friday, involved the participation of armed Mumbai police personnel alongside officials from the investigation wing of the IT Department.

The searches encompassed the premises of the top management of Polycab India, indicating a thorough investigation into various aspects of the company’s operations. Polycab India, with its business operations spanning 23 manufacturing facilities, over 15 offices, and more than 25 warehouses across India, has been a prominent player in the industry.

The company’s financial performance has been noteworthy, as evidenced by its September report, which revealed a substantial 59% increase in profit, amounting to Rs 426 crore.

The nature and scope of the IT raids suggest a comprehensive scrutiny of Polycab India’s financial activities, prompting a joint effort from law enforcement and tax authorities to delve into potential irregularities. The investigation underscores the ongoing efforts to ensure compliance and transparency in business operations across various sectors.

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