Trident Group under Income Tax scanner

18 October 2023, Mumbai

As per a recent ETRetail report, the Trident Group, a diversified business conglomerate, is facing extensive scrutiny by the Income Tax Department for alleged financial misconduct. The department is conducting nationwide raids as part of an investigation into the group's financial transactions and records.
Background

The Trident Group, founded by Padma Bhushan Awardee Rajinder Gupta, has a significant presence in various industries, including yarn, home fashion, paper, and adaptive power. The group operates its main manufacturing units in Punjab and Madhya Pradesh.
The Income Tax Department's raids are reportedly focused on the group's premises in Ludhiana, Barnala, Dhaula, and Budhni. The department is also investigating the residences of some of the group's top officials.
Nuances

The Trident Group has not yet issued any statement on the raids. However, sources close to the group have denied any wrongdoing.
The Income Tax Department's investigation is still ongoing, and it is too early to say what the outcome will be. However, the raids are a sign that the government is serious about cracking down on financial misconduct by large corporations.

Latest Textile Events