Income Tax sleuths carried out nation-wide raids at the offices of Kerala-based Muthoot Group, one of the largest gold financing companies in the country.


Besides the offices of Muthoot George (Fincorp), Muthoot Finance, Muthoot Mercantile, Muthoot Pappachan Group and Mini Muthoottu, IT officials also conducted raids at the residences of top honchos of the firm. 


Quoting sources, Asianet News reported that the primary target of the raids was the Muthoot Pappachan Group, which is suspected to have evaded taxes. The group is also alleged to have committed irregularities in gold financing and is under the scanner for accepting black money deposits. 


Shares of Muthoot group dipped 2.5% following the IT raids.