The investigation wing of the Income Tax department of Gujarat has raided over 25 locations of popular ceramic brand Qutone. The search and seizure operation– led by the Rajkot Income Tax department–began on Tuesday morning. Over 200 I-T officials were deployed at various locations of the company’s head offices and residencies in Ahmedabad, Morbi and Vadodara.
Residential places of chairman and managing director Manoj Agarwal, Managing directors Sunil Manglunia and Rajeev Adlakha are being investigated.
Qutone was founded in 2008. Its product line includes marbles, stoneware, wall tiles and others. (iMarble, DGVT, Qrock, iQ-Smart, Elegante and Wall Tiles). In June, 2022 the company launched a new range of products and gave an official statement that “With these new product launches, Qutone expects its revenue to grow from 500 crores to 750 crores.”.
Actor Anil Kapoor is the brand ambassador and the face of the company. He has also visited the Ahmedabad office of Qutone and inaugurated the Qutone Experience Center along with Manoj Agarwal – C.M.D. Qutone Experience Center is present in 11 locations in India now and one in Italy, the forthcoming months will see launches in Guwahati, Delhi, Kolkata, Indore in India and Spain, China and the United Kingdom.
The search and seizure operation is still underway.
