Income Tax Department conducts raids in Gujarat cities

The Income Tax Department has launched large-scale search operations across four cities in Gujarat, including Ahmedabad, Gandhidham, Mundra, and Rajkot. The raids are targeting a prominent shipping company and four chartered accountants.

Preliminary investigations suggest that certain chartered accountants may have issued fraudulent Form 15CB certificates to facilitate the illegal or suspicious transfer of Indian currency abroad. Authorities are also investigating allegations of money laundering through fake import-export transactions, where funds were reportedly transferred overseas using paper-only trades without the actual movement of goods or services.

Tax officials have seized various financial documents, digital data, and bank transaction records to trace the money trail. The investigation is ongoing to uncover the full extent of the suspected financial irregularities.