Income Tax Department is conducting searches at 55-year old Kapoor Watch Company.
Recently Film Star Ranveer Kapoor unveiled the first India limited-edition Franck Muller variants in a gala event organised by Kapoor Watch Company.
Sources toldthat around 20 premises are covered in this search which started on Monday morning.
Kapoor Watch Company is part of a worldwide network of official Rolex retailers allowed to sell and maintain Rolex watches.
Kapoor Watch Co is also the Indian retailer of Audemars Piguet, Bvlgari, Cartier, Omega and Tag Heuer brands.
According to sources, all the showrooms and premises of Promotors are covered in this search. Sources toldthat during the course of the search operation, a large number of incriminating evidences, in the form of hard copy documents and digital data have been found and seized.
Kapoor Watch Company operates 13 stores in the National Capital Region.
Earlier this month Kapoor Watch Company organised an event where Film star Ranveer Singh unveiled the first India limited-edition Franck Muller variants from the hallmark Vanguard collection. Ranveer Singh is the Indian brand ambassador of Franck Muller watches.
Kapoor Watch Company has a tie-up with Franck Muller to exclusively retail a 150-piece, first India limited-edition watch collection with a green leather strap, these detailed timepieces come in two options - steel and gold, and rose gold.
The luxury branded watches sold by Kapoor Watch Company are priced in lakhs.The company reported revenue of Rs 340 crore in FY22, up by 50 per cent from 2019-2020.
( With inputs from ANI )
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