Income Tax Department has conducted searches on the premises of Edelweiss Group, one of Mumbai’s leading financial services companies, sources said. Edelweiss is yet to issue any clarification on the matter. Income tax raids, which started in the morning on Thursday were going on till late in the evening, the sources added.

Earlier, Edelweiss was in the news after the Enforcement Directorate had asked it’s top board members to join a probe and questioning for alleged violations of foreign exchange rules amounting to more than ₹2,000 crore, media reports suggested.