The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
"We have conducted searches at 20 locations of five Yash Birla group companies in connection with allegations of tax evasion," a source from the I-T department said late this evening.
The properties are located at various places in the national capital and the megapolis, sources added.
The I-T sleuths are examining books of accounts of the companies and a clear picture will emerge only after two-three
days, the sources said, refusing to identify the firms.
Repeated calls and text messages to the spokesperson of the group did not elicit any response.
The 150-year-old group with a turnover of Rs 3,000 crore (Rs 30 billion) is present in sectors such as auto, engineering, steel pipes, machine tools, iron castings, pumps and electrical appliances.
The group is also into health, wellness, lifestyle, education, travel and IT. Nine of its companies are publicly listed, according to the group's website.
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"We have conducted searches at 20 locations of five Yash Birla group companies in connection with allegations of tax evasion," a source from the I-T department said late this evening.