The Income Tax (IT) Department is continuing its raid at Trident Group in Ludhiana for the fifth consecutive day on Saturday. As per reports, the IT department has seized multiple documents from the past 5 years and the sleuths are studying the papers in order to check for any irregularities. Reports suggest that Trident Group came on IT radar after the company showcased a loss in the balance sheet. Hence, during the searches, IT took the details of multiple lockers of the staff, family, and close relatives linked to Trident Group. Apart from Trident Group, the IT department also raided Cremica. Notably, the IT raid ended on Friday in Barnala and the searches from Trident Ludhiana premises are likely to end on Saturday.
Amid the searches, the IT sleuths reportedly kept the phones of employees and family members with themselves. Also, Trident Group Chairperson Rajinder Gupta was not allowed to meet anyone. Interestingly, Trident Group's Chairperson Rajinder Gupta in 2022 was felicitated by the IT department itself.
Rajinder Gupta was honoured by the IT department for being the highest taxpayer (Textile Sector) of the North West Region for the Assessment Year 2022-23 and in acknowledgment of his contribution towards nation-building. The IT department had also given Rajinder Gupta a Samman Patra, an honor certificate. The Saman Patra was presented to him in a function organized in Chandigarh by (then) Principal Chief Commissioner of Income Tax, Parneet Singh Sachdev (IRS).
Now, the question arises of what actually happened in just a few months that IT decided to raid Trident Group chaired by Rajinder Gupta. Well, there are two answers to this. First, reports that suggest irregularities that the IT department has been trying to find ever since the company reportedly showcased loss in the company. The other one being is political.
Apart from being the chairperson of the Trident Group, Rajinder Gupta has 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. It is said that Padma Shri Rajinder Gupta's relationship with every party is cordial, but ever since the Aam Aadmi Party came to power in Punjab he shared a much closer relationship with Delhi CM Arvind Kejriwal. Since the 2024 General is on the cards along with multiple state elections in the upcoming months, central agencies' crackdown is likely to amp up.
Now, what the IT found out during its raid or why it raided Padma Shri Rajinder Gupta's Trident, only the department can reveal once it completes its searches.
Trident operates in three major business segments- Textiles, Paper, and Chemicals with its manufacturing facilities located in Punjab and Madhya Pradesh.