Massive I-T search ops underway at 47 premises

 

 

 

 

Sleuths from the Income Tax Department’s Investigation Wing on Wednesday launched a post-dawn swoop covering multiple office, factory and residential premises of Gravity Ferrous Private Limited and Maruti Ferrous Private Limited, two privately owned groups involved in manufacturing of basic iron and steel and casting of metals.

Apropos, tax enforcers also mounted concurrent search operations in Odisha, Jharkhand and West Bengal, since the links of two groups were traced to these neighbouring states as well, even as a rice-miller and owner of a web news portal in Chhattisgarh, both based in Raipur district were also brought under the ambit of the swoop. “Nearly 47 premises, including 6 plants, 20 office premises and over a dozen plush residential buildings

were being searched in Raipur, Bilaspur and Raigarh districts respectively, in addition to Kharora tehsil of Raipur district. Those covered under the tax swoop include multiple Directors, Individual Partners, Designated Partners and Whole-time Directors of the two groups, in addition to their associated companies, top ranking employees, chartered accountants and family members. The wide-spread search operations commenced concurrently at around 6 am,” knowledgeable sources told The Hitavada. According to the sources, the day-1 of the operations also found unaccounted cash to the tune of nearly Rs 35 lakh and valuables, including gold ornaments, worth several lakhs, from multiple premises. However, the gold ornaments were yet to be seized in the want of its market price valuation by government approved evaluators in tune with prescribed permissible limit underscored by the Income Tax Department for its possession by certain individuals. “Virtually, a small army of taxmen roped in from Raipur, Durg, Bilaspur, Bhopal, Indore and Jabalpur were taking part in the search operations and they were being escorted by nearly 100 armed troopers of Central Reserve Police Force (CRPF) provided by local CRFP Headquarters at the requisition of Income Tax Department to Ministry of Home Affairs,” the sources added. Interestingly, if sources are to be believed, the extent of swoop can be gauged from the fact that even tax enforcers feel it would take them around 4 to 5 days to finish the search operations, which include tedious compilation and scrutiny of incriminating documents, loose sheets and digital evidence. Additionally, nearly a dozen bank lockers have been found, which are being operated by Directors of the two groups and their family members. “We have placed Prohibitory Orders (PO) on all these lockers most of which are with nationalised banks while some are also with Non-Banking Financial Institution (NBFCs), which would be opened on Thursday. Depending on what incriminating evidence are found here, it would decide the pace and direction of the investigation.” the sources pointed out. As per the sources, the taxmen during their preliminary investigation have detected massive financial anomalies hinting towards potential tax evasion, which may now run into several lakhs and most of these evasion have been done by projecting shortage and excess of stock and bogus purchases by the two groups and their associated companies. “While the multiple Directors of Gravity Ferrous Private Limited are Virendra Kumar Surana, Dhiraj Kumar Surana, Sunil Agrawal, Vikas Agarwal and Shiv Bhagat Singh, Directors of Maruti Ferrous Private Limited are Rajesh Kumar Tola, Arun Kumar, Nishant Khetan and Ashok Kumar Chowdhar,” the sources affirmed. Meanwhile, the tax enforcers’ investigation also found that Gravity Ferrous Private Limited has links with multiple associated companies including some with Limited Liability Partnership (LLP). Names of these companies are Bluescope Resources (LLP), Bhawani Metals Private Limited, AC Strips Private Limited, Gravity Sponge and Energy (LLP), Speed TMT (LLP), Gravity Iron and Power Private Limited, Parasramka Vintrade Private Limited, Bhawani Hi-Tech Steel and Power Private Limited, Quality Stores Private Limited, Puneet Shoppers Private Limited, Gravity Sponger and Power Private Limited, VSRA Industries (LLP), Bhawani Krishna Estates (LLP), Bhawani Moulders Private Limited and Bhawani Foundries Private Limited. Apropos, Maruti Ferrous Private Limited has three associated companies namely Sunil Ispat and Power Limited, Sunil Ispat and Power Private Limited and HSR Rerollers Private Limited,” the sources maintained. Sources also disclosed that some of the companies owned and controlled by the two groups were merely shell entities based in Kolkata (West Bengal). “Most of these companies did not have any business activities and were created only for the purpose of transfer/routing of unaccounted income to other companies,” the sources asserted. In Raipur, according to the sources, the searches were going on at Farishta Complex near Rajbandha Maidan, Wallfort City in Bhatagaon, Luxora Apartment on Pandri-Mowa road and Awanti Vihar Sector-2. However, in Raigarh, the premises of Sunil Ispat Plant situated at Industrial Area of Gerwani, was swarming with the taxmen. Most interestingly, the tax sleuths also covered the office premises of a web news portal situated in Sector-2 area of posh Awanti Vihar Colony. However, it was beyond comprehension for many including local media persons to establish any connection of the ongoing search operations between the steel businessman and this news portal owner. "So far, no major disclosure could come up from any of these premises since the taxmen had seized the mobile phones of all the concerned persons, their associates and family members soon after they entered these premises," the sources added. In the meantime, a lot of hectic activities was spotted at Central Revenue Building at Civil Lines, which house the office of Income Tax Department's Investigation Wing with incessant movement of unusual number of tax enforcers being ferried by several four wheelers bearing the registration number of neighbouring states.