Income Tax Department conducts countrywide raids at Trident Group: Report

Income Tax Department is conducting raids at Trident Group, news agency ANI has reported citing sources on 17 October. As per the sources, raids are underway countrywide. 

Founded by Padma Shri Rajinder Gupta, Trident Group 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.

As per the report, the raids are not limited to a single location but as authorities are simultaneously carrying out probes in multiple cities. Officials have told ANI that more than 40 officials are currently involved in the raid at the Budhni plant located in Madhya Pradesh.

This operation extends to various premises linked to the promoters and top officials of the Trident Group.

The Trident Group, which was founded in the early years of the country's economic liberalisation, has grown to be a player across industries.

Over time, the group has diversified its portfolio to include paper, chemicals, energy, and more.

These income tax raids are expected to shed light on the financial transactions and records of the Trident Group, as authorities seek to ensure compliance with tax regulations.

(With inputs from ANI)