Raipur: Income Tax Department sleuths on Thursday raided 22 locations attached to the Raipur-based steel manufacturers Singhal Group. The raids were conducted at plants, offices and residential premises in Raigarh, Sarangarh, Raipur, Mumbai and Kolkata. The I-T sleuths did not only raid establishments the company but also the offices and residential premises of the company directors Sanjay Singhal and Ajay Singhal.
During the raids, it was found Singhal Enterprises is the mother company under which Singhal Plant, Salasar Plant, Shyam Ispat and Singhal Energy, located in Raipur, operate. Apart from the abovementioned, the group is also involved in finance sector.
Raids carried out on Wednesday are still under way. The IT Department officials were spotted at the Singhal Group premises in Shankar Nagar, Avanti Vihar, Chaubey Colony, Mowa and Khamhardih’s office in Raipur.
I-T sleuths raid Singhal Group CA
Apart from it, the I-T team also raided the premises of CA linked with the group and his premises situated in Kalindi Kunj, Banjari Marg and Salasar Industry Gerwani.
Salasar Industry takeover put company under I-T scanner
During the raids, the taxmen team also found some suspicious documents related to investment in shell companies, and Salasar Industry takeover deal.
Sources informed that the company came on I-T radar when it recently executed acquisition of Salasar Industry.
Notably, the Singhal Group is counted among the biggest business groups in the state.
Over 100 officials are carrying out the raid
As per information received, a team of 100 Income Tax officers participated in an I-T raid carried out in Chhattisgarh under Deputy Commissioner DS Meena.
However, during the raids, the team recovered gold and jewellery worth Rs 50 lakh and cash worth Rs 20 lakh from the houses of both the brothers and they also recovered 13 lockers and value of goods from those are yet to be calculated
