Rs 11 crore seized in income tax searches on steel company

Lucknow, April 28, 2023

The income tax department recovered Rs 11 crore during searches at 60 locations of a company manufacturing steel products, including iron-rods, in four states on Thursday.

The searches were going on till last reports came in. IT department sources disclosed that the company made tax evasion to a tune of around Rs 500 crore. The searches were conducted in Delhi, Gujarat, West Bengal and Uttar Pradesh. The sources said that shell companies were set up to divert funds, while fake sale invoices were made to boost figures. Rs 11 crore unaccounted money and several documents were seized during the searches.

The IT searches began from a flat in Mahanagar belonging to one of the owners of the company and later a flat in Sikandar Bagh in Lucknow was searched. IT teams recovered many suspicious documents during the search operation.

In Gorakhpur, the company's bank road office, factory at Gida and the residence of the group's managing director at Bargadwa area were searched.

[The Times of India]