Income tax department conducts searches at premises linked to IIFL Group

The income tax (IT) department Tuesday conducted searches on premises linked to the IIFL Group including IIFL Finance, 360 One Wam (formerly IIFL Wealth) and IIFL Securities, sources in the know told ET.

The searches which were undertaken by the Mumbai investigation wing of the IT department began at the crack of dawn and also covered the premises linked to Karan Bhagat, the founder, MD, and CEO of 360 ONE WAM Limited, sources added.

Neither IIFL nor 360 One Wam was available for comment. Text messages sent to them did not elicit a response until press time


Sources said that the raids were conducted for suspicious tax evasion and the raids are likely to continue for the next few days. Once the raids are completed, the department will prepare its report which would be shared with the assessment wing for tax demand, if any.

The IIFL Group, known for its wealth and asset management services. IIFL Capital re-scheduled its board meeting to consider third quarter results "due to certain exigencies". The scrip of 360 One WAM depreciated 5.72% to close at ₹1,015 apiece on the National Stock Exchange (NSE). On the BSE, it fell 5.17 % to finish at ₹1,019.60 per piece.

360 ONE's name had surfaced in the controversy surrounding SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch.The Hindenburg report claims that Sebi Chairperson Madhabi Buch and her husband Dhaval Buch appeared to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore.