About thirty IT teams participated in the raids, which were carried out simultaneously in industrial units, offices and residences of bicycle traders in Ludhiana.
Suspected of tax evasion, the investigative wing of the income tax service (IT) carried out searches in more than twenty premises of manufacturers of cycles and spare parts in the city, including Neelam cycles (Seth Industrial corporation), Vishal Cycles, Gurdip Cycle industries (Ashoka) and others, Thursday.
According to information, around thirty teams from the IT department participated in the searches, which were carried out simultaneously in industrial units, offices and industrial residences. The searches were carried out in the morning and heavy police forces were deployed outside the premises where the searches were carried out, to prevent entry and exit of the buildings.
More than 100 officials from different districts of the state are said to be part of teams that have carried out raids in different parts of the city, including the focal point, near Partap Chowk, Dhandari Kalan, Model Town, Atam Nagar, etc.
We learn that during the investigation, officials also confiscated documents / invoices and checked the computer files of industrialists. Most of the industries raided by the department are dealing with each other and have also participated in government tenders for the purchase of bicycles in the past.
Panic handles industry
Shortly after the raids were carried out by the department in the morning, panic gripped the bicycle industry. Messages were being circulated on social media groups and a few industrialists, who were associated with those on whose premises raids had been carried out, had also closed their units in the focal point area.