Nagpur: In a major pre-Diwali operation, the Income Tax Department conducted raids on Shradha AI, an enterprise associated with the Raisoni Group, creating a buzz across Nagpur’s corporate sector.
Early on Tuesday morning, around 20–25 officials from the Mumbai Income Tax team arrived at the company’s Kingsway-based Shradha House office to begin the search operation. According to initial reports, the action was limited to one premises of the group. After an extensive day-long inspection, officials left the site in the evening.
Sources clarified that the raid was not directly on the Raisoni Group itself, but specifically on Shraddha AI, which recently launched its IPO that received a strong investor response.
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Industry insiders suggest the raid may have stemmed from documents or evidence found earlier during the Income Tax raids on the Confidence Group, another high-profile case in the city. This connection has fueled speculation about a broader probe into financial activities of local conglomerates.
Observers also noted that once again, the operation was carried out by the Mumbai IT team rather than Nagpur officials. Many Nagpur-based companies maintain registered offices in Mumbai, which places them under the jurisdiction of Mumbai’s Income Tax Department, explaining why Mumbai authorities are leading such actions.
The development comes as part of a series of high-impact searches by the IT Department in the run-up to Diwali — a period that has already seen multiple raids on prominent business groups across Maharashtra.
