Directors of Kalindi Steel and Power Limited in Bilaspur and Raipur reportedly surrendered an undisclosed income worth Rs 40 crore before income tax authorities after search and seizure operations on Saturday night. The search operations were initiated by income tax investigation wing, Jabalpur.
I-T raids were initiated on Thursday on firms associated with steel and construction business across Chhattisgarh and Madhya Pradesh. According to income tax officials, preliminary investigation which concluded on Saturday night unearthed unaccounted wealth worth crores of rupees and incriminating documents pertaining to bank accounts, property and other investments.
The department also seized cash to the tune of Rs 1.25 crore and over 5kg jewellery. Twelve lockers sealed during the operation were yet to be opened.
Directors of Singhania group- Santosh Singhania and Rajinder Singhania, promoters of Kalindi Steel and Power Limited in Bilaspur and Raipur, were reportedly admitted to a hospital after they complained of chest pain following the raids.
Singhanias hail from Madhya Pradesh and raids were conducted at 25 of their business premises and residences.
Source: The Times of India
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