I-T raids on Confidence Petroleum: More staff from Mumbai deployed

 

 

 

The Income Tax (I-T) Department officials continued the search operations at the offices and warehouses in Mumbai and Nagpur of prominent businessman of the city, Nitin Khara, Chairman & Managing Director (CMD) of Confidence Petroleum India Ltd, on Wednesday. The investigations are underway on a massive scale, therefore additional staff from Mumbai was called to carry out the exercise. No official figures of the additional personnel have been disclosed till filing of this report. Earlier, about 75 officers had conducted the raids. A team of 45 police personnel also has been involved in the action. The I-T officials have been tight lipped about the whole operation so as not to disturb the investigations. The raids are being carried out simultaneously in Mumbai and Nagpur targeting offices and residences of the promoters of the company located in Ramdaspeth and Ganeshpeth.

 

The action is likely to continue on Thursday, sources told The Hitavada. On October 7, the 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 I-T officials also raided the residence of Elesh Khara, one of the directors of the company and brother of Nitin Khara. According to the sources, I-T officials have seized documents, and cash and jewellery during the raids. The action, is being initiated by the Directorate of Investigation for Income Tax in Mumbai. 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.