The investigation department of the Income Tax department is conducting searches at the offices and manufacturing plants of agro-chemicals firm United Phosphorus Limited (UPL), a source at the agency told Moneycontrol.
The searches began early this morning and more than two dozen I-T officials are part of the search operations.
UPL falls in the high risk group of the income tax department as the company has a large number of overseas arms. Besides, like the real estate sector, the agriculture sector too has a significant proportion of cash transactions.
Moneycontrol tried to reach out company but company officials were not reachable.
United Phosphorus is a leading global producer of crop protection products, speciality chemicals and other industrial chemicals.
It operates in 23 countries and in India, it is the largest producer of crop protection products like fumigants,insecticides, herbicides, fungicides, and rodenticides.
This is developing story....
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