On Thursday, the income tax service had conducted searches of more than 20 premises of bicycle manufacturers, including their units, offices and residences located in different parts of Ludhiana.
Income tax (IT) raids against bicycle and parts makers continued for the third day in a row in Ludhiana on Saturday.
We learned that the operation ended in a unit in the Dhandari region and in the residences of a few industrialists, but raids were still continuing in most places. Police were sent outside the units to prevent entry and exit from the building.
On Thursday, IT had led raids on more than two dozen premises of bicycle manufacturers, including their units, offices and residences located in different parts of the city. The industries included Neelam cycles (Seth Industrial Corporation), Vishal cycles, Gurdip cycle industries (Ashoka), Raka cycle industries, Arpan cycles, Willpower cycle industries, etc. Officials confiscated documents / invoices and digital recordings from the premises.
More than 100 officials from different districts of the state were reportedly among the teams that carried out raids at the focal point, near Partap Chowk, Dhandari Kalan, Model Town, Atam Nagar, etc.
Most of the industries raided by the ministry were dealing with each other and had also participated in government tenders for the purchase of bicycles in the past.
United’s cycle and parts manufacturers’ association vice president Satnam Makkar said the raids have sparked panic in the industry and could have a long-term impact on the industry, which is already plagued by financial crisis due to pandemic.