They said a team of sleuths raided the residence of Bahl in neighbouring Noida early morning and are looking for documents and other evidence related to the case under probe.
It is understood that the searches are being conducted at the premises of a few other people as part of the ITD action to probe tax evasion by a set of business professionals.
Raghav Bahl, in a statement to the Editor’s Guild, said: “I have a matter of great concern to share with the Guild. While I was in Mumbai this morning, dozens of IT officials descended on my residence and The Quint’s office for a ‘survey’.”
“We are a fully tax compliant entity, and will provide all access to all appropriate financial documents,” he stressed.
Raghav Bahl is an Indian businessman, a serial entrepreneur, and investor best known for his ownership of several television channels, including TV18 India. He was the Founding/Controlling Shareholder & Managing Director of Network18 Group until the takeover by Reliance Industries Ltd.
Besides founding and scaling Network 18, India’s leading media group, Raghav has seeded moneycontrol.com, bookmyshow.com, Firstpost, Yatra, among others. He has also managed long and successful partnerships with some of the world’s leading media brands: CNBC, Viacom, BBC, Star TV, A&E, Time Warner, Forbes. Raghav founded Quintillion Media Pvt Ltd with his wife Ritu Kapur after their exit from Network 18. He has signed a joint venture agreement with Bloomberg L.P. to launch BloombergQuint.