IT raids at Exel group in Hyderabad

HYDERABAD: Income tax raids were being conducted at multiple offices and residences of the Exel group of companies in Hyderabad since early Wednesday.

According to reports, officials discovered irregularities in income tax payments. These offices were located at Hyderabad's Gachibowli, Chandanagar and Bachupally.

The houses of six company directors, as well as corporate offices in Gachibowli, Madhapur, and Bachupally, were also being investigated. I-T officials reportedly confiscated mobile phones from office workers, as well as many documents from Exel's corporate office in Gachibowli.

The raids, which began were reported to be going on till Wednesday afternoon in 18 locations, with I-T officers arriving in 40 cars and three CRPF trucks.

The Exel group, headquartered in Chennai, is involved in the rubber and plastic manufacturing, infrastructure, information technology, travel, engineering, healthcare, finance, and trading industries.