On October 17, 2023, Tuesday morning, the Income Tax Department initiated searches of Trident Group’s manufacturing facilities and offices in Punjab and Madhya Pradesh.
In Ludhiana, the business premises of the FMCG (fast-moving consumer goods) company Cremica group of industries have also been raided. According to sources, over thirty-five Information Technology Department teams have traveled to Ludhiana.
There are ongoing raids at the Trident manufacturing facilities in Budhni, Madhya Pradesh, Barnala, Dhaula, and Ludhiana, Punjab. The company produces yarn, home textiles, paper and stationery, chemicals, and adaptive power in its divisions.
In Punjab, Trident has manufacturing facilities in Barnala and Dhaula and an administrative office in Kitchlu Nagar, Ludhiana.
Padma Shri recipient and Ludhiana-based industrialist Rajinder Gupta is the chairman of Trident Group. The government of Punjab appointed him vice chairman of the State Economic Policy and Planning Board of Punjab for three years in June of last year.
The I-T Department is reportedly conducting a search warrant at yet another Ludhiana business, but the specifics are unknown. After Delhi, the Ludhiana Stock Exchange is the second-largest stock exchange in the northern region of India. Currently, officials are reviewing the information of a few stock brokers. The London Stock Exchange has over 100 stock brokers, and its daily turnover is measured in crores of rupees.
