Income Tax Raid on Joy E-Bike: IT Department Conducts Search Operation at Vadodara Plant and CMD’s Residence
The arrival of the Income Tax Department’s search team today at the Vadodara-based Joy-E Bike manufacturing company, Word Wizards, marks the initiation of an operation involving raids conducted by the Income Tax Department. The operation, led by the income tax department’s search team, is currently underway, with searches being conducted at the residence of the company’s CMD, along with the company’s main production plant.
Joy Brand in Vadodara manufactures e-bikes and is a company that specializes in producing battery-operated two-wheelers. The company is well-known for sponsoring events such as Garba and marathons from time to time. Along with this, the renowned spiritual leader Pandit Dhirendra Shastri from Bagheswar Dham also had a meeting with the company.
Currently, the company’s main production plant and the CMD’s residence are under extensive search operations being conducted by the Income Tax Department. The company primarily operates in the areas of Makarpura, Sayajigunj, Vadsar, and Harinagar, where the Income Tax Department’s search operation is currently focused.
The possibility of seizing substantial unaccounted wealth is looming large.
Currently, the Income Tax Department is conducting operations at various locations of the company, where swift police arrangements have been made. The Income Tax Department, in coordination with the local police, has initiated the raid and commenced the verification of the company’s documents and bank accounts. This includes scrutinizing details such as large cash transactions and other financial records, aiming to uncover any substantial undisclosed income.
Previously, raids have been conducted to unearth undisclosed income.
Just 7 months ago, in Vadodara, the Income Tax Department had conducted raids at 7 locations, including two chemical companies, offices, and residential premises of directors. During these raids, crores of rupees in cash and jewelry were seized, and lockers of 40 individuals were also sealed.
