IT raid on Shree Cement in Rajasthan – tax evasion of 23 thousand crores, documents seized

Shree Cement Group: The raids of the Income Tax Department are going on for the last 3 days at the locations of Shree Cement Group. The raids took place at the group's bases in Jaipur, Beawar, Ajmer and Chittorgarh. In the search conducted so far, Income Tax officials have found documents related to tax evasion of Rs 23,000 crore. If sources are to be believed, the group has evaded tax of Rs 1200 to 1400 crore almost every year. Along with this, huge irregularities have come to the fore in coal and payments made for it. The department has seized several agreements related to forgery. More than 200 officers were involved in the raid.

On the other hand, it has come to light in the investigation that the Center and the State Government have been defrauded by fake agreements made with the Sarpanch, Gram Panchayat and the local body. The Income Tax Department has also seized the agreements related to the forgery.

Manager out of touch with Income Tax Department

According to the information received from the Income Tax Department, when the members of the group were questioned in this matter, they denied having information in this regard. While the group's chairman HN Bangar and vice-chairman Prashant Bangar have moved out after the raid.

Group's Vice President Arvind Khinkha was also called for questioning several times during the survey but he too did not appear before the Income Tax officials. Income Tax officials are also unable to contact Managing Director Neeraj Akhori, Director Nitin Desai, Director Shrikant Somani and CFO Subhash Jaju. The information of all these responsibilities is not with any member of the group.

Know what happened so far in 5 points

• 3 days ago, the Jaipur Income Tax Department team raided more than 24 locations of Shree Cement.
• This survey was done in Jaipur, Beawar, Udaipur, Ajmer and Chittorgarh.
• More than 200 Income Tax officers and policemen were involved in this raid.
• Huge irregularities came to light in the coal purchased for cement and the payment made for the same.
• The Income Tax Department has caught this theft with the help of new technology and software before conducting the survey.

Software detects errors within minutes

Recently the Income Tax Department has strengthened its technical resources. Under which the tax paying and the actual performance of the company can be assessed.

On this basis, the department found difference between the claim of income tax exemption of Shree Cement and the reality. Considering this as the basis, the Income Tax has carried out this entire operation.

Other companies also on the radar

According to the information, the Income Tax Department may soon conduct a survey on real estate, mines and other big businessmen. In this, through the software available with the department, the officials, in a few days' exercise, find out how much revenue loss is being caused to the government through the company.

At present, the Income Tax Department has many such reports on the basis of which it can take action on selected companies.

Responsible missing after raid in Jaipur

According to the officials of the department, the Center and the State Government have suffered a huge loss of revenue due to fake agreements made with the Gram Panchayat and local bodies. However, when the department inquired with the company's team in this regard, they refused to have information in this regard. While the group's chairman NH Bangar and Prashant Bangar have left after the raid. Group's Vice President Arvind Khinkha was also called several times during the raids for questioning but he too did not appear before the Income Tax officials. The information of all these responsibilities is not with any member of the group.

Tax evasion caught by a software

If experts are to be believed, the Income Tax Department may soon raid real estate, mines and other big businessmen. Let us inform that recently the department has developed a software by strengthening its technical resources. In this, the officers, within a few days of investigation, find out how much loss of revenue is being caused to the government.