In a major swoop, sleuths of income-tax department carried out search operations at 16 business establishments of Jaideep Ispat and Alloy limited engaged in manufacturing of steel rods with brand name Moyra here in Indore and Pithampur industrial area on Wednesday afternoon and stumbled upon incriminating documents showing tax evasion worth crores of rupees.
According to report, sleuths of investigation wing of the income tax department led by joint income tax director Prashant Jha and assistant income tax commissioner Anoop Jain comprising 130 officials of IT department and as many as 80 police personnel first reached office of Morya rod located at laxmi Tower opposite Treasure Iceland.
From here, the search team went to Morya office in Sudama Nagar, Venkatesh Vihar colony in Deepalpur and other business establishments and factories of the company in Pithampur and Dhar respectively and stumbled upon incriminating documents showing huge tax evasion, though details of the tax evasion will be known only after scrutiny of all the related documents. According to department’s senior officials, the search operations will continue for some more days. The company owing Moyra rod and other business establishments had reportedly not filed income tax returns of the last five years.
The companies and business establishments which were searched upon by the income tax department’s sleuths include Moyra Steel ltd, Bhartignot Pvt ltd., Moyra Buyers ltd., AVI Ispat Pvt ltd, Avinash Realiity Pvt. ltd., Riddhi Ispat Pvt limited, NICG ltd, AVI Educational & Cultural Society, Moyra Institute of Technology, Moyra Business School, Rathi Iron & Ispat limited. All the companies and business establishments which are sister concerns of Jaideep Ispat and Alloy limited owned by Vimal Todi, Avinash Todi and Pawan Singhania respectively.