The Income Tax Department on Tuesday carried out search operations at the offices and warehouses of Confidence Petroleum India, led by city-based entrepreneurs Nitin Khara and his family members. The raids were conducted simultaneously in Mumbai and Nagpur targeting offices and residences of the promoters of the company located in Ramdaspeth and Ganeshpeth. Residences of the company directors and chartered accountants, located in Godrej Anandam in Ganeshpeth and residence of Nitin Khara in Ramdaspeth and the company’s head office, were covered under the raids. The Income Tax officials also raided the residence of Elesh Khara, one of the directors of the company and brother of Nitin Khara. According to the sources, Income Tax officials have seized documents, and cash and jewellery during the raids.

 

The action, initiated by the Directorate of Investigation for Income Tax in Mumbai, began simultaneously early in the morning. By the time of filing of this report, the officials were continuing the raids. Sources told The Hitavada that the action is likely to continue till Wednesday. More than 75 officers and employees were conducting the raids. Apart from this, a team of 45 police personnel were also involved in the action. Confidence Petroleum India Limited is a city-based, publicly listed company that operates as a fully integrated LPG and CNG provider, founded in 1993. The company manufactures LPG cylinders, provides LPG bottling and marketing services.

 

The company offers a range of products and services including LPG cylinders for domestic and commercial use, packaged LPG under the GoGas brand, and Auto LPG Dispensing Stations. Confidence Group is one of the largest private-sector industry players in the LPG sector. The group has diversified business interests in the energy sector with significant presence in the LPG Energy. Confidence Group owns the credit of being the largest cylinder manufacturer in the industry along with being the largest private LPG Bottler & LPG Bottling & Blending assistance provider in India.