The income-tax search operation targeting Nitin Khara, promoter of Confidence Petroleum India Ltd, began Tuesday morning and extended through Thursday evening, with raids conducted in both Nagpur and Mumbai.
During the investigations, authorities reportedly recovered ₹6–7 crore in cash, jewellery, and other valuables from the locations under scrutiny.
The offices and residences of Confidence Petroleum’s promoters in Ramdaspeth and Ganeshpeth were among the primary targets of the raids, which encompassed both corporate and personal properties. The operation began with about 75 officers, and was later reinforced by additional personnel to expand the scope of the searches.
Sources say that the team visited two to three new premises on Wednesday, and the raids may continue into Friday morning.
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