Tayal Group offices searched by I-T, Central Excise

MUMBAI: The Income Tax and Directorate General of Central Excise Intelligence have conducted searches at the offices of the city-based Tayal Group, promoters of the erstwhile Bank of Rajasthan (BoR), for alleged evasion of tax using bogus documents, officials said.

"The survey operations were conducted yesterday," an Income Tax official said.

The I-T department conducted searches along with DGECI and Customs department, the official added.

"All the agencies are probing different angles as the firm had allegedly shown bogus expenditure, inflated bills etc," a source in the I-T department said.

The investigation is still on and all possible angles are being probed in the case, the official said.

The Group has a wide range of business activities ranging from textile, real estate and fibres etc.

The Tayal group was recently in news after the SEBI had fined them and other entities for indulging in fraudulent trade practices in connection with BoR.

The BOR had been merged with the ICICI in 2010. Efforts to contact the company officials proved futile.