I-T dept conducts 'survey' at some entities of Hinduja Group in Mumbai

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

The group is present in eleven sectors including automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, infrastructure project development, media and entertainment, power, and real estate. The Hinduja brothers have around US$100 billion of assets around the world. The Hinduja family has around US$5billion of assets in America. The 2022 net worth of the Hinduja brothers was US$32 billion, making them the wealthiest people in the United Kingdom. In May 2023, company patriarch Srichand Hinduja died. The group employs over 200,000 people and has offices in many major cities around the world including in India. In 2017, Srichand and Gopichand Hinduja were described as the wealthiest men in Britain with an estimated wealth of £16.2 billion in the Sunday Times Rich List 2017.