Haier offices raided by income tax authorities at multiple locations

Haier India and Income Tax Raids; The raids, conducted on Friday, are in connection to suspected tax evasion case

Multiple offices of Haier, the home appliance company, were raided by income tax authorities on Friday according to a report filed by India Today.

The raids were carried out in offices located in major cities, including Delhi, Mumbai, Pune, and Noida, among other locations.

According to the same report the raids are connected to suspected "large-scale tax evasion."

The Chinese consumer durable company which has a strong presence in India with its refrigerators and washing machines, closed 2022 at Rs 6,000 crore and was targeting Rs 10,000 in the next two years.

In April, Haier India President Satish NS had stated, "We have one of the largest manufacturing hubs for all domestic supplies in the country and are expanding our export base as well. Product innovation and customer-centricity lie at the ethos of our growth trajectory and hence we are focused to bring in the best-in-segment products that are researched, designed, and manufactured in India."

With plans to expand the overall production by 25 per cent by 2024, it is unclear how this new will affect the company's plans.

The story is still unfolding and details of the raid are awaited.