IT Raid At AGL Group; Rs15 Cr Seized In Cash So Far

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IT Raid At AGL Group; Rs15 Cr Seized In Cash So Far

| Updated: May 27, 2022 16:07

Income Tax Department’s probe into Asian Granito India Limited (AGL) has continued for second day in a row. Its been over 32 hours that the investigation has been underway at numerous locations of the company, including the headquarters at S.G. Highway in Ahmedabad

The probe, however, seems to have been a success as the authorities have seized another Rs5 crores in cash. The total cash nabbed until now has been around Rs15 crores. This figure is likely to be higher as the probe continues. The authorities are expected to open the 13 sealed bank lockers today as well.

Besides cash, the officials have found heaps of documents, which detail anonymous transactions and are unaccounted for.

The investigation is likely to go on until tomorrow and there is a possibility that the authorities will find record-breaking amount in black money.

Asian Granito India Limited (AGL), one of the country’s largest luxury surfaces and bathware solutions brands, this week, reported a strong performance for financial year ending March 2022. The company reported its highest ever yearly sales, EBITDA, and net profit, owing to healthy volume growth and improved realisation.

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