Mumbai: The Income Tax (IT) Department on Friday conducted multiple raids on premises linked to the Mumbai-based Kalpataru builders over alleged tax evasion. The raids were conducted on around 30 premises across four states. The tax men raided and searched the residences and offices of Kalpataru group founder Mofatraj Munot and Managing Director Parag Munot.
The searches at Mumbai, Pune, Karjat, Goa, Gujarat and Rajasthan were still in progress and the IT department refused to comment on the case.
The Kalpataru Group of companies includes the listed entity Kalpataru Projects International Limited. Other companies in the Group’s 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 & distribution player with presence in diversified geographies and diversified segments. It has been entering, building and scaling up new EPC segments over the last few years.
