LUCKNOW, Sept. 16 -- The income tax department has unearthed suspected tax evasion worth Rs.350 crore during nationwide raids on a prominent Unnao-based footwear and leather company. Over five days of searches at 45 locations across eight cities led to the seizure of financial records, digital devices, and documents linked to foreign investments, officials confirmed.

The company has not issued a public statement on the raids but assured investors that its business operations remain unaffected. It added that it has been cooperating with tax authorities and furnishing the required documents. Officials said, however, that the searches may impact investor sentiment, given the company's reliance on foreign retail markets.

The operation, carr...