I-T dept carries out searches on business premises linked to 360 ONE WAM, founder

Shares of 360 ONE WAM traded lower during the day. At close Tuesday, shares of 360 ONE WAM ended 5.69 per cent lower at Rs 1,014 per share. The company has a market capitalisation of over Rs 39,000 crore.

Multiple queries sent to 360 ONE Wealth did not elicit a response. In a late night filing on stock exchanges on Tuesday, the company made the disclosure about the search conducted by the Income Tax Department.

“We would like to inform you that the Income Tax Department has today initiated a search under the Income Tax Act, 1961, at the registered office of the Company situated in Mumbai. The Company is extending its fullest cooperation with the authorities with all the required information and documents. The business operations and services of clients continue in the normal course,” it said.

Last year, the name of 360 ONE had surfaced in the controversy surrounding SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch. The US-based Hindenburg Research had then alleged that Buchs used the exact same funds as Vinod Adani, brother of Gautam Adani.

The short-seller had alleged that the couple (Buchs) invested in Global Dynamic Opportunities Fund (GDOF), in which Vinod Adani, brother of Gautam Adani, had invested. GDOF invested in IPE-Plus Fund 1, a small offshore Mauritius Fund, managed by wealth management firm 360 ONE WAM (earlier India Infoline), Hindenburg had claimed.

In August 2024, a scrutiny of the web of funds and investments by The Indian Express had revealed that the parent fund (Global Opportunities Fund) of the sub-fund (Global Dynamic Opportunities Fund) where Buch invested, was administered by Trident Trust Company (Mauritius) — the declared beneficial owner of Emerging India Focus Fund and EM Resurgent Fund that were part of the 13 overseas entities under Sebi lens.

With around $522.2 million in assets, Global Dynamic Opportunities Fund Limited (Bermuda) is a hedge fund operated by 360 ONE (IIFL Capital Pte Ltd) which also manages IPE Plus Fund. A statement by 360 ONE had then said that throughout the fund’s tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund.