One of India’s biggest luxury watch retailers, Kapoor Watch Company, has been raided by the country’s Income Tax Department.
Asian media agency ANI reports that around 20 Kapoor Watch Company properties were searched by the authorities.
Kapoor Watch Company is an authorized dealer for Rolex, Audemars Piguet, Cartier, TAG Heuer, Breitling, Omega, IWC and other leading Swiss brands.
It has 11 watch showrooms, mainly in and around the Indian capital New Delhi.
Sources told ANI that incriminating evidence was discovered during the searches, including hard copies of documents and digital files.
India is not a major market for luxury watches, with many of the country’s wealthiest individuals preferring to shop abroad for their timepieces.
It was the 23rd largest export market in the world for Swiss watchmakers in 2021 with goods worth CHF 157 million.
