The Income Tax Investigation team conducted raid and search at 23 different establishments of Sharda Group here on Thursday. The team raided Group’s establishments in Chhattisgarh along with Nagpur, Mumbai, Delhi, Visakhapatnam, Kolkata, Sikkim and Uttaranchal. A team of 150 IT officers and employees under guidance of Joint Director Sanjay Kumar conducted the raid and searches as per instructions by the IT Director General Bhopal Amrendra Kumar Tiwari and Director Dinesh Kumar Chablani.
The IT team conducted raids in about two-dozen companies of Kamal – Ghanshyamdas - Jugal Kishore Sharda. Prominent among the Companies of the group are Sharda Energy Minerals Limited, Sharda Metal and Alloys, Chhattisgarh Investment Ltd. and others. The IT is evaluating the stocks of finished products and raw materials from the Group’s plants in Visakhapatnam, Nagpur and Raipur.
The IT investigation team has recovered Rs 4 crore in cash from residence of Directors of the Company. In addition to this the IT team has also recovered gold and diamond jewellery worth crores and its valuation is in process. The IT sources informed that during the investigation they have also come across few documents of purchase through bogus billings. The IT team has also got information about five lockers of the firm and it has been sealed.
