Nagpur: Noted steel giant of Nagpur Ramsons Group of Industries and its associate companies, firms and their directors in the city were raided by the sleuths of the investigation wing of the Income Tax department on Tuesday.
The operation began simultaneously at all the 12 places at around 8 a.m and was continuing till the filing of this report. The I-T department had deployed eight teams of 10 persons each besides 15 to 20 policemen to conduct the raids.
The Ramsons Group is promoted by Sarda brothers namely, Ramswaroop, and Laxminarayan Sarda, son of Ramswaroop, Rajesh all based in city and Surendrasingh Chahal, Vasant Vihar Wadi. The group is engaged in manufacture of TMTsteel bars, MS angles, rods and flat products such as plates and sheets. It has three major companies namely, Rajaram Steel Private Ltd Hingna MIDC, Ramson TMT Private Ltd, Banjara Road, Bazargaon, Ramsons Castings Private Ltd, Bazargaon, Ramsons Ispat Private Limited and Ramsons Refractories Private Limited, both based at Hingna MIDC.
The I-T sleuths conducted the operation at Group”s units at Bazargaon and three factories at Hingna MIDC area, offices at Neeti Gaurav complex Ramdaspeth
and Sagar Complex, Satranjipura Old Bhandara Road and Sarda family”s three residential premises at 14, Daga Layout, 136, Nandanvan Layout and Rameshwaram, 26 Bharat Nagar in the city besides a farm house in Bazargaon. .
Although, officials of the I-T department were tight-lipped over the operation, sources close to Sarda family informed that the I-T sleuths have seized large number of incriminating documents, unaccounted cash, jewellery worth several crores and also have sealed bank accounts, bank lockers of the family members. The details of the property seized would be known tomorrow only, sources said.
Market sources revealed that some months ago, officials of Central Excise department had unearthed large scale evasion of excise duty at the Group”s factories and it had also alerted the I-T department about the anomalies detected by it. Acting on this very tip off, the I-T department has taken action today.