Gujarat : I-T Search at Ward Wizard Innovations Continues, Investors Panic as Shares Plummet

Vadodara : The Vadodara-based Ward Wizard Innovations and Mobility Private Limited, known for manufacturing Joy E-Bikes, is under intense scrutiny as the Income Tax Department persists with its search operation for the second consecutive day.

This relentless investigation has triggered a sharp decline in the company’s shares, sparking panic among investors. Sources indicate that the search is ongoing, with the department acting on significant inputs regarding potential tax evasion. The outcome of this investigation could potentially impact the company’s share prices, possibly leading to a downturn in the market.

The Income Tax Department’s search operation at Ward Wizard Innovations and Mobility Private Limited in Vadodara has entered its second day, causing considerable distress among investors and stakeholders. The company, renowned for its production of Joy E-Bikes, has witnessed a continuous decline in its share prices amidst the ongoing scrutiny by tax authorities.

According to sources close to the investigation, the search operation is expected to extend further, indicating a sustained effort by the Income Tax Department to uncover potential instances of tax evasion. Investors are particularly concerned about the repercussions of this investigation, with fears that the company’s shares may plummet to their lowest circuit if the allegations are proven true.

Ward Wizard Innovations and Mobility Private Limited is not only engaged in e-bike manufacturing but also operates across diverse sectors including medical, healthcare, entertainment, food, and event management. The company’s Chairman and Managing Director, Yatin Gupte, has been linked with several political figures, adding layers of complexity to the ongoing investigation.

During the search operation, the Income Tax Department has seized crucial documentary evidence and accounting records, underscoring the seriousness of the allegations. Investigations into the company’s various bank accounts and management are underway, with authorities combing through multiple locations including departmental offices and production plants.

This recent development follows a similar raid conducted by the Income Tax Department seven months ago, targeting seven locations including offices and residences of directors associated with two chemical companies in Vadodara. During these raids, significant amounts of cash and jewelry were seized, along with the discovery of approximately 40 bank lockers.