Amritsar Income Tax Department conducts raids at four Surat locations of leading stock brokerage firm

Surat | Gujarat –— The Amritsar Income Tax Department Investigation Team on Tuesday conducted searches at four locations in Surat linked to a well-known online trading and brokerage firm with a market capitalization of ₹315 crore. The coordinated operation comes amid growing scrutiny of financial transactions and suspicious option trading patterns involving large stock movements.

According to officials, simultaneous searches were carried out at the company’s offices located at Piplod, Ring Road, Nanpura, and City Light Road. The team, led by senior officers from Amritsar, reached Surat in the afternoon and sought assistance from local Income Tax officials for logistical and technical support.

Amritsar IT Department expands probe to Surat offices

The Income Tax Department Surat raids were launched as part of a larger investigation into unexplained financial transactions and option trading activities conducted by the brokerage firm across multiple cities. Sources said that the firm, listed as a member of the National Exchange Members of India, provides online stock trading and investment platforms to clients nationwide.

“The Amritsar Income Tax Department is examining large-value stock transactions that appear suspicious. The focus is on understanding whether certain trades in the options segment were structured to evade taxes,” an investigating officer told The Blunt Times.

The main office in Piplod was the first to be searched, where the team seized financial records, digital data, and client transaction histories. The investigation is likely to extend to Amritsar and other parts of Punjab, as officials suspect inter-state trading links.

Past investigations add significance to current raids

This isn’t the first time the Amritsar IT Department has unearthed complex financial irregularities. Earlier this year, its teams detected transactions worth crores of rupees in the accounts of small registered political parties in Ahmedabad, where few candidates contested elections but TDS deductions were allegedly misused.

Officials believe the current operation may also expose similar financial manipulation through intermediary trading accounts and political linkages.

Dilip Buildcon also under investigation

In a related development, the Income Tax Department continues its raids on Dilip Buildcon, the infrastructure major involved in large projects including metro construction in Bhopal and Ahmedabad. As part of this probe, searches are being conducted in Surat, including at the office of Dilip Suryavanshi, the company’s owner.

Batsala Jha, DG Investigation, Income Tax Department, Chandigarh Region, Punjab, Amritsar IT team has taken the help of MP SAF. However, Income Tax officials have not given any clue about the link of this matter with the Surat stock brokerage company.