I-T officials seize Rs 40 lakh jewellery, Rs 3 lakh cash in raid

VADODARA: Income tax (IT) officials seized jewellery worth Rs40 lakh and Rs3 lakh cash from the residences of the promoters of Diamond Power Infrastructure Ltd who have been accused of cheating and fraud worth Rs2,654 crore. The I-T officials had swooped upon the properties owned by DPIL which is promoted by Amit Bhatnagar, Sumit Bhatnagar and Suresh Bhatnagar on Tuesday. The IT search continued for the second day on Wednesday.
“We seized jewellery and cash from their houses. Also, we have got information about their five bank lockers which we will investigate as well. The search is still on. None of the promoters was present in the office or residence so we are questioning the company officials,” a I-T official said.

A day after Enforcement Diretorate raided the company, the IT officials had carried out daylong search at 17 different properties owned by DPIL in and around the city on Tuesday.

The IT department is investigating if the DPIL evaded taxes and its focus is also on benaami properties and shell companies that may have been used to launder money abroad.

DPIL and its top management has been booked for cheating various banks to the tune of Rs2,654 crores by falsification of records, creation of false documents and forgery of records. The central probe agency had searched the corporate office of the company and residences of its directors in the city last week.