IIFL Finance Ltd. said that the Income Tax Department has concluded its searches at the the company's registered office and other offices, one week after the action was first reported.
NDTV Profit had earlier reported that tax officials had carried out searches across multiple premises linked to the IIFL group, including the office of 360 One WAM Ltd., which was earlier known as IIFL Wealth Management.
Sources had told NDTV Profit that officials suspected a multi-crore tax evasion and even questioned senior executives and accountants of the group companies. Documents were also said to have been seized.
"The Company shall promptly inform the Stock Exchanges, in case of any further material development in this regard," IIFL Finance said in an exchange filing.
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