Mumbai: IT raids 50 locations linked to Polycab India

Mumbai, Dec 22 (UNI) In a major operation, Income Tax Department sleuths on Friday conducted searches at over 50 locations linked to Polycab India, the country’s largest manufacturer of wires and cables, sources said.

A large number of armed Mumbai police personnel were seen alongside officials of the investigation wing of the IT Department, which were conducting the searches.

The premises of the top management of the firm were also being searched.

The company’s business operations are spread across India through 23 manufacturing facilities, more than 15 offices and over 25 warehouses.

In September, the company reported a 59 per cent rise in profit, at Rs 426 crore.

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