Income Tax authorities have raided offices of the company in several cities, including Noida, Hyderabad, Bengaluru, Pune and Mumbai.
“The founders’ homes were also raided,” one of the sources told ET. “There were some fake invoices and tax evasion noticed and investigation is being carried out for the same,” he added.
In an emailed response to queries from ET, a spokesperson for the company said, “At Infra.Market, we give utmost importance to ensure we are in compliance with the law of the land at all times. The assertions in your mail are incorrect and misleading, [and] therefore, denied.”
“Tax authorities have raised certain queries due to non-filling of returns by certain suppliers and we are duly cooperating with them. However, we are legally bound not to publicly comment on it until further notice,” the spokesperson added.
Corporate governance has been a niggling issue for many global and domestic risk investors, who have been struggling to make their portfolio companies compliant with laws. In the recent past, companies such as BharatPe and Trell have been investigated following allegations of financial irregularities.
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