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Punjab: I-T department conducts raids on leading forex traders in Jalandhar - Times of India

According to department sources, the raid that started in the afternoon was being conducted on two companies — Sardari Lal Forex and Happy Forex — and multiple premises, including residential and commercial setups.

LUDHIANA: Investigation wing of the income tax department, on Wednesday, conducted raids on two leading foreign exchange (FOREX) traders of Jalandhar in Punjab. According to department sources, the raid that started in the afternoonwas being conducted on two companies — Sardari Lal Forex and Happy Forex — and multiple premises, including residential and commercial setups. The raid comes at a time when the state is abuzz with political activity due to upcoming assembly elections and funding and donation from NRIs to several politicians is much anticipated. Sources also claimed that the raids have allegedly been conducted on these companies under suspicion of suppression of income and not paying due actual tax on their earnings.

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