I-T dept raids Edelweiss Group's Mumbai office

The Income Tax (IT) department conducted raids on Edelweiss Group premises in Mumbai. Along with this, premises of certain entry operators were also searched, sources told Economic Times. As per the report, these searches were in connection with IT’s larger action on asset reconstruction companies.

Meanwhile, the Group has not yet issued any clarification on this matter.Edelweiss Asset Reconstruction Company (EARC) is sponsored by Edelweiss and CDPQ Private Equity Asia Pte Limited. It is in the business of acquiring non-performing assets (NPAs), both wholesale and retail, from banks and financial institutions and resolving them.