The Income Tax Department has launched a search operation at the registered office and other locations of IIFL Finance Limited, beginning January 28, 2025. The company confirmed the development in an official communication to stock exchanges, stating that it is fully cooperating with tax officials.
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While IIFL Finance acknowledged the ongoing search in a regulatory filing, it has not provided specific details regarding the nature of the investigation or any alleged violations. The financial impact of the search on IIFL Finance’s operations remains unclear at this stage.
On January 28, CNBC-TV18 reported, citing sources, that these searches are linked to allegations of tax evasion. The raids reportedly began early in the morning on Tuesday across multiple floors of the 360 ONE WAM (formerly IIFL Wealth) building in Kamala Mills.
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First Published: Jan 29, 2025 1:59 PM IS
