On Day 2, I-T team finds data on Phoenix Group global transactions

HYDERABAD: The income-tax department continued its searches in the Phoenix group offices for the second consecutive day on Wednesday. The team from Mumbai led by an additional commissioner is said to have stumbled upon details of overseas transactions and was obtaining additional information regarding them. While searches were completed in five locations, it continued in another five.

Top sources in the department told Deccan Chronicle that the additional commissioner was known for his efficiency in cracking cases of largescale evasion. A mandate has been given to the team to get to the bottom of financial transactions and take investigation to its logical end. The special teams have been gathering data on directors of different companies that had transacted with Phoenix, their financial standing and outward remittances from their companies.