Polycab India, an electronic goods manufacturer that multiplied investors' wealth 8x since its 2019 market debut, is caught in a high-profile tax evasion scandal.
Income Tax Department raids in 50+ Polycab sites in Delhi, Pune, and Mumbai led to some shocking revelations. Swipe to know more.
Polycab is accused of concealing cash sales of Rs 1,000 crore!
It allegedly paid a distributor Rs 400 crore to buy raw materials and evade suspicion from the regulatory bodies.
Shockingly, it paid another distributor to issue fake invoices and inflate purchase records by Rs 500 crore.
A further Rs 100 crore of dubious expenses were found in Polycab's books
Investors swiftly reacted, and the stock fell 21% in a single day (January 11, 2024).