E-Bike Giant Joy Raided by Income Tax Department in Vadodara

Joy E-Bikes has garnered significant public attention due to its frequent sponsorships of popular events like Garba and marathons. Notably, Pandit Dhirendra Shastri of Bageshvardham, a prominent religious figure, also visited the company, further boosting its visibility.

By TBT Web Desk On Feb 7, 2024

Gujarat : I-T Search at Ward Wizard Innovations Continues, Investors Panic as Shares Plummet — The Income Tax Department's search operation at Ward Wizard Innovations and Mobility Private Limited in Vadodara has entered its second day

Vadodara : In a major crackdown, the Income Tax Department launched a search and seizure operation on Wednesday morning at the offices and residences of the promoters of Joy E-Bikes, a well-known Vadodara-based manufacturer. Over a dozen locations, including the company’s main production plant, CMD House, are currently under scrutiny.

Joy E-Bikes has garnered significant public attention due to its frequent sponsorships of popular events like Garba and marathons. Notably, Pandit Dhirendra Shastri of Bageshvardham, a prominent religious figure, also visited the company, further boosting its visibility.

The IT department’s action, spanning Vadodara’s Makarpura, Sayajiganj, Vadsar, and Harinagar areas, suggests potential irregularities in the company’s financial dealings. While the exact nature of the investigation remains undisclosed, experts anticipate the possibility of uncovering significant tax evasion.

The final outcome of the investigation is awaited, but it is certain to have a significant impact on Joy E-Bikes and the wider business landscape in Vadodara.