The Income Tax (IT) Department on Tuesday raided Punjab's two biggest business houses - Trident and Cremica group. While IT raided Trident Group premises in Ludhiana, the authorities also searched the premises of the age-old company Cremica in Phillaur. As per reports, 35 teams of the IT department are conducting raids at various premises of Trident Group and Cremica. Reports further suggested that the raiding IT officials have kept the phones of the employees working there and no one is allowed to go inside the premises or to go out.
The reason why IT raided Trident Group and Cremica is yet to be known as searches are still underway (while writing). The IT raid on Trident & Cremica took place in the backdrop of the upcoming 2024 General Elections.
It is pertinent to mention that Rajinder Gupta is the founder and Chairman of Trident Limited, the flagship company of the USD 1 Billion enterprise Trident Group. In 2022, he was named Vice-Chairperson of the Punjab Economic Policy And Planning Board.
Rajinder Gupta had also served as the vice-chairperson of the Planning Board previously. After the AAP government came into power, the Planning Board was dissolved and replaced with the State Economic Policy and Planning Board. Gupta was awarded the Padma Shri in 2007 for his exemplary work in the field of trade and industry.
(Note- This is a developing story)