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

All the business premises of 360 ONE were sealed by the income tax department to undertake their searches, officials added.

3 min readNew DelhiUpdated: Jan 29, 2025 10:27 PM IST

Karan Bhagat, the founder, MD and CEO of 360 ONE. (Photo: 360 ONE website)

The Income Tax (I-T) Department carried out searches at the business premises linked to 360 ONE WAM, formerly known as IIFL Wealth and Asset Management, and its founder, MD and CEO, Karan Bhagat, in Mumbai on Tuesday. The searches were related to charges of tax evasion, I-T officials said.

All the business premises of 360 ONE were sealed by the income tax department to undertake their searches, officials added.

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.

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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.

Aanchal Magazine

Aanchal Magazine is a Deputy Associate Editor with The Indian Express, serving as a leading voice on the macroeconomy and fiscal policy. With 15 years of newsroom experience, she is recognized for her ability to decode complex economic data and government policy for a wider audience. Expertise & Focus Areas: Magazine’s reporting is rooted in "fiscal arithmetic" and economic science. Her work provides critical insights into the financial health of the nation, focusing on: Macroeconomic Policy: Detailed tracking of GDP growth, inflation trends, and central bank policy actions. Fiscal Metrics: Analysis of taxation, revenue collection, and government spending. Labour & Society: Reporting on labour trends and the intersection of economic policy with employment. Her expertise lies in interpreting high-frequency economic indicators to explain the broader trajectory of the Indian economy. Personal Interests: Beyond the world of finance and statistics, Aanchal maintains a deep personal interest in the history of her homeland, Kashmir. In her spare time, she reads extensively about the region's culture and traditions and works to map the complex journeys of displacement associated with it. Find all stories by Aanchal Magazine here ... Read More

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