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Code: 533398
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NSE   26 Jun 19 | 03:57 PM

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Code: MUTHOOTFIN
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Income Tax raid in various premises of Muthoot firms

Gireesh Babu / Chennai 05 Aug 16 | 07:44 PM

Income Tax department has conducted raids in the premises of Kerala-based financial institutions under the Muthoot banner, across the country. The raid is being conducted across the three major independent business entities, Muthoot Finance, Muthoot Fincorp and Mini Muthoot. Raid started in the morning 6.30 am, in around 60 premises across the country, including the residence of the partners of these companies and key employees and also the corporate offices of these companies. There are around 400 members in the team of investigators, said an official on condition of anonimity.

The action is based on some clues the Income Tax office has related to the accounting of gold auction proceeds, added the official.

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While these companies share the name Muthoot, each are working as independent business groups. Muthoot Finance, part of the diversified Muthoot Group, is a Non Banking Financial Company (NBFC) which claims as one of the largest gold financing company in terms of loan portfolio. Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, is also an NBFC, which has a diverse mix of retail offerings including Gold Loans, Business Loans, Housing Loans and others. Mini Muthoot, another independent entity, is also engaged in financial services business.

Muthoot Finance issued a statement, "Today officials from Income Tax had visited premises of Muthoot Finance Ltd, as a part of their routine checking programme. We are extending all cooperation to them. We would like to reiterate the fact that Muthoot Finance Ltd is the highest tax payer from Kerala".

The management of the Muthoot Pappachan Group stated, "Income Tax officers have held inspections at some of the offices of Muthoot Pappachan Group today. The 129-year- old diversified group always remained committed to be compliant with all the laws of the land. Our management and staff are fully cooperating with the ongoing inspection."

Mini Muthoot officials were immediately not available for a comment.

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