The Income Tax (IT) department probe into infra and real estate developer Kalpataru Group has unearthed bogus bills worth around Rs 600 crore. The evasion was found during scrutiny of documents and digital devices seized during raids on August 4 that lasted over 72 hours. The group did not respond to an email sent by the FPJ. Sources said that more unaccounted funds are expected to be detected during scrutiny of accounts books and ledgers.
The taxman had conducted multiple raids at around 30 premises across Maharashtra, Gujarat and Rajasthan. The residences and offices of the group founder Mofatraj Munot and managing director Parag Munot were also searched.
The Kalpataru group is a major player in the infrastructure sector with projects spread across Mumbai and Thane. Apart from real estate construction, it is into water supply and irrigation, power transmission and distribution, railways, oil and gas pipelines, urban mobility, including flyovers and metro rail, and highways. It includes the listed entity Kalpataru Projects International Limited. Other companies in its portfolio include Property Solutions India, Shree Shubham Logistics and realty major Kalpataru Ltd. All these companies are under the I-T department’s scanner.
Earlier in May, Kalpataru Power Transmission had announced changing its name to Kalpataru Projects International. The name was changed after the receipt of approvals from shareholders and regulatory authorities, including the Ministry of Corporate Affairs.
The group is reinventing itself into a global engineering procurement construction company from a focused transmission and distribution player, with presence in diversified geographies and diversified segments.
