ED questions Yash Birla on overseas financial transactions

The Enforcement Directorate has questioned Yash Birla, Chairman of Yash Birla Group, in connection with certain overseas financial transactions, officials in the central agency said on Monday.

Birla was questioned following a tip-off from Income Tax (IT) department, which has been carrying out searches at the group's premises since January 7, about the overseas financial transactions of the group.

"We have questioned Yash Birla on Sunday. We received information from IT department after which we have questioned him," an ED officer said.

The investigation wing of the Income Tax Department last week conducted searches at about 20 premises of the group in Mumbai and New Delhi for alleged tax evasion.

Searches at a couple of more premises were yet to conducted, they said.

The group's spokesperson could not be contacted today despite repeated attempts for a reaction.

The 150-year-old group with a turnover of Rs 3,000 crore (Rs 30 billion) is present in auto, engineering, steel pipes, machine tools, electrical appliances, wellness, lifestyle, etc. Nine of its companies are publicly listed.