The investigation wing of the Income Tax Department conducted searches at nearly 50 locations linked to Polycab India in Mumbai on Friday.
According to the details, the residences and offices of the top management linked to the firm were also being raided.
Polycab India Limited is the country’s largest manufacturer of wires and cables.
The company’s business operations span across India through 23 manufacturing facilities, more than 15 offices and over 25 warehouses.
In September, the company reported a 59 per cent rise in profit, at Rs 426 crore.
On December 11, Polycab’s market capitalisation was near the Rs 85,000 crore mark, surpassing Havells India.
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