VADODARA: After CBI and Enforcement Directorate, the income tax (I-T) department on Tuesday swooped down on the corporate office of Diamond Power Infrastructure Ltd (DIPL) and residences of its promoters who are accused of cheating and defrauding banks of loans worth Rs 2,654 crore. The I-T officials carried out the day-long search at 17 different locations in and around the city. On Monday, the enforcement directorate (ED) had conducted raids on the properties owned by DIPL and its promoters - managing director Amit Bhatnagar, joint MD Sumit Bhatnagar and founder Suresh Bhatnagar.
“We began the search at the 6.30 am at all the properties owned by DPIL including their real estate firms. We also searched the residence of Amit Bhatnagar in New Alkapuri and another home at Nizampura. The move came after allegations of fraud surfaced against DPIL,” said a senior I-T official. “We have seized many documents and are verifying the account books,” the official added.
When asked why I-T conducted the searches, the official said that they had received complaints about certain wrongdoings in the company. A team of 16 I-T officials consisting of nearly 150 members from the investigation wing conducted the search.
“We are investigating if the DPIL evaded taxes and our focus is also on benaami properties and shell companies that may have been used to launder money abroad. We will dig out records of last seven years and also coordinate with ED if international transactions are involved,” the official told TOI.
Apart from DPIL offices, I-T teams conducted searches at Eklavya Apartments, The Address in Alkapuri area, Millenium and Signature – all the real estate schemes of Northway Spaces Pvt Ltd which is also promoted by the Bhatnagars. “If we find any wrongdoing, we will send notice to DPIL management,” the official added.
DPIL and its top management has been booked by CBI for cheating various banks to the tune of Rs 2,654 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.
According to the FIR filed by the CBI, DPIL availed loans despite its name appearing in RBI’s defaulters’ list and the Export Credit Guarantee Corporation caution list, which CBI officials say couldn’t have been possible without involvement of bank officials. CBI has also booked unknown bank officials in this case.