The Income Tax (I-T) department continued its searches on the Hiranandani group’s Mumbai office and other properties for the second day on Wednesday.

Sources had CNBC-TV18 on Tuesday that raids were conducted at 24 locations across Chennai, Bengaluru, and Mumbai at the premises of both the Hiranandani brothers (and founders) Niranjan and Surendra Hiranandani.

The raids are being conducted in connection with the foreign assets case, in which the Hiranandani brothers have been accused of not disclosing their offshore investment in a trust, the sources said.

In October 2021, names of Niranjan Hiranandani, the founder of the Hiranandani Group, and key members of his family had figured in Pandora papers which had said that they were beneficiaries of a Trust with assets of over $60 million.

According to a Hiranandani group spokesperson cited by Moneycontrol, "The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws.

"Further, all queries of the authorities are being fully addressed and we assure our full cooperation in the matter," the spokesperson added.

The raids on the group’s premises are likely to continue on Thursday as well, I-T department sources told CNBC-TV18.

Earlier this month, realty firm Hiranandani Developers co-founders and brothers Niranjan Hiranandani and Surendra Hiranandani divided some of the joint real estate projects in Mumbai Metropolitan Region (MMR), according to reports. As per the settlement, Niranjan will own 250-acre township in Powai, while Surendra has received 350-acre township project in Thane, the reports added.

Separately, the I-T department also conducted search operations at 25 premises linked to Hero MotoCorp on Wednesday, as part of a tax evasion investigation against the country's largest two-wheeler automobile manufacturer, sources told CNBC-TV18.