NSEL crisis: Income-Tax Department conducts raids at brokerage firm's offices

Written by Press Trust of India | Mumbai | Updated: Sep 25 2013, 17:58pm hrs
I-T DepartmentI-T Department conducts searches at brokerage firm's offices
Income-Tax Department today conducted searches at the premises of a leading city-based brokerage firm with a high exposure to crisis-hit NSEL, for suspected tax evasion.

Searches were conducted in over 15 offices of the firm for tax evasion, an Income-Tax Department official said.

The Department had earlier carried out a survey on the brokerage firm and the searches were conducted after it got some clear leads on NSEL case, Income-Tax Department sources said.

National Spot Exchange Ltd (NSEL) is grappling with a payment crisis for settling dues worth Rs 5,500-crore and had to on July 31 suspend trading activities following a Government directive.