I-T raids textile, ceramic business groups in Surat, Morbi

Surat, May 9: The Income Tax Department on Thursday launched a series of raids against business groups in Gujarat's Surat and Morbi.

Sources said that over 100 officials were investigating 12 locations of the Aishwarya Group in the Surat textile industry and a business group involved in the ceramic sector in Morbi.

The coordinated raids and surveys targeted the textile giant and were extended to affiliated enterprises, including a notable coal businessman linked to the Group, said officials.

They are under scrutiny due to suspected financial irregularities, the sources said.

Further investigations stretched to Morbi, where the business group involved in the ceramic sector also underwent scrutiny by tax officials. Additional details were awaited.

"The authorities are exploring the possibility of uncovering substantial undisclosed financial transactions through these operations," said sources.