The group, known for its real estate and government infrastructure projects, faced raids at 27 locations across the two cities.

The search operation that began on Saturday morning is still going on.

Authorities are scrutinising their transactions to determine whether any can be classified as benami.

Over 50 Income Tax Department officials are conducting the raid.

Sources shared that the raids on the group’s premises included their office in Subhanpura, Vadodara.

Madhav Group, which has a presence in Karnataka, Delhi, Madhya Pradesh, Uttarakhand, and Maharashtra, has been under scrutiny since its establishment in 2010.

The group operates in diverse sectors, including energy, real estate, highways, and urban infrastructure.