Income Tax department conducts nationwide raids on Trident Group

New Delhi, October 17: The Income Tax Department has initiated a series of raids on the Trident Group, a diversified conglomerate with interests in yarn, home textiles, paper and stationery, chemicals, and adaptive power. These ongoing operations are part of an investigation into potential financial irregularities, according to officials.

The Trident Group, established by Padma Shri Rajinder Gupta, is a significant player in multiple industries and operates manufacturing facilities in key locations, including Budhni in Madhya Pradesh and Barnala and Dhaula in Punjab. It's important to note that these raids are not confined to a single location; the authorities are simultaneously conducting investigations in several cities.

More than 40 officials are currently involved in the raid at the Budhni plant in Madhya Pradesh, as stated by officials. This operation extends to various premises linked to the promoters and top officials of the Trident Group.

The Trident Group, which was established during the early years of the country's economic liberalisation, has expanded its presence across various industries, diversifying its portfolio to include paper, chemicals, energy, and more.

These income tax raids aim to provide insight into the financial transactions and records of the Trident Group as authorities seek to ensure compliance with tax regulations. Further updates on this matter are anticipated.