Shillong, June 26: Income Tax officials have conducted searches at multiple locations across Rajasthan linked to the Shree Cement Group, resulting in the seizure of documents indicating tax fraud amounting to at least Rs 23,000 crore.
Officials from the Income Tax Department revealed that a scrutiny of the seized documents during the raid uncovered an alleged tax evasion of approximately Rs 1,200 to 1,400 crore per year.
The raids were initiated after doubts arose regarding the tax deduction claims made by the group, as stated by the officials.
Additionally, it was reported that the central and state governments suffered losses due to fraudulent agreements made by sarpanches, gram panchayats, and local bodies. The Income Tax Department has seized agreements related to these forgeries.
When questioned about the matter, the group members denied having any knowledge of these activities, according to information provided by the Income Tax Department.
Following the raids, Shree Group’s Chairman H.N. Bangur and Vice Chairman Prashant Bangur have left the premises. Joint President Arvind Khicha, who was reportedly called for questioning several times, did not appear before the Income Tax officials. The senior officials of the firm are also currently unreachable.
A team consisting of more than 200 Income Tax officers and policemen from the Jaipur office conducted raids at over 24 locations of Shree Cement in Jaipur, Beawar, Udaipur, Ajmer, and Chittorgarh.
Irregularities were discovered in the accounts related to coal purchases for cement production and the corresponding payments. The Income Tax Department detected this fraudulent activity with the help of advanced technology and software.
Based on these findings, disparities were identified between the claimed income tax exemptions by Shree Cement and the actual amounts due, leading to action against the company.
Income Tax Department officials also stated that they have other companies under scrutiny and may soon conduct surveys on real estate, mining companies, and other prominent business entities.
Meanwhile, officials from Shree Cements clarified that the Income Tax Department was conducting a survey at their premises, and the company’s management team is fully cooperating with the officials. They assured that all required information is being provided to the authorities.
Please note that the information provided is based on the available data up to September 2021, and the current situation may have evolved since then.