IIFL Finance Says Financial Hit Yet To Be Determined As I-T Dept Conducts Searches

The income tax department began conducting searches at IIFL Finance's registered office and other offices on January 28, the company said in an exchange filing.

While the management is cooperating with department officials, the company cannot assess the financial impact of the same in monetary terms at this point of time, it said.

On Tuesday, NDTV Profit reported that officials from the I-T department were conducting searches at multiple floors of 360 One building. The staff was not reachable as phones and other digital devices were seized by the officials to be examined.

Tax officials had suspected a multi-crore tax evasion and were questioning senior executives and accountant regarding the same. Documents were also said to have been seized.

The Reserve Bank of India in March 2024 had imposed curbs on the IIFL Finance's gold business, citing serious operation lapses. However, in September, the central bank had lifted those restrictions on the company's gold loan business.