The Income Tax Department officials are conducting a massive search at Excel Group of Companies in Gachibowli, Hyderabad, Telangana.
Starting on the morning of the 3rd of January, Tuesday, the raid entered its second day on Wednesday, the 4th of January. Getting into the details, approximately 40 teams of IT officials are on duty to raid the company amid allegations of tax evasion.
Furthermore, three vehicles of the Central Reserve Police Force (CRPF) are also at the location, to ensure the smooth conduct of IT raids at three corporate offices of the company. The raids are underway at Gachibowli, Chandanagar and Bachupalli offices in Hyderabad.
Besides Hyderabad, the IT officials are conducting raids at 18 other locations, where the company is located in India.
It is to be noted, the Excel Group of Company, headquartered in Chennai is operating in various sectors of business like travel, Information Technology, Infra, Healthcare, Finance and Trading.
This is a developing story, more details into the matter is awaited.
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