Ludhiana: Income Tax Dept raids Trident, Cremica groups

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Ludhiana, October 17

The Income Tax Department today conducted raids on the premises of the Trident and Cremica groups. Over 35 teams of the department were in Ludhiana to conduct the raids.

Raids on manufacturing units of Trident were conducted in Madhya Pradesh and Punjab. In Punjab, its premises at Barnala, Dhaula and Ludhiana were raided. The group’s corporate office is located in Ludhiana. Cremica’s premises in Ludhiana and Phillaur were raided by the department.

The raids started early in the morning. Raids were also conducted simultaneously at the residences of their employees. Financial records and transactions of the companies were checked and incriminating documents seized.

Rajinder Gupta, a Padma Shri awardee, is the chairman of the Trident Group and was also appointed vice-chairman of the State Economic Policy and Planning Board of Punjab for three years. Trident is a majorplayer in yarn, home textiles, paper and stationery chemicals and adaptive power.

Rajini Bector, founder of Cremica, is also a Padma Shri awardee and currently her sons are taking care of the business. Cremica group manufactures ice-cream, bread, sauces and other bakery items.

Raid were also conducted at the Ludhiana Stock Exchange (LSE) and details of a few stock brokers were checked.