3 day long IT raids against DPIL Promoter/Directors ends, Several incriminating documents, cash, jewellery, cars seizedApril 13, 2018
The Income Tax department has after 3 day long raids on the residences and other properties of the promoter and 2 directors of Vadodara-based Diamond Power Infrastructure Ltd (DPIL), who have been accused of cheating a consortium of 11 banks and 8 other financial companies to the tune of Rs 2,654 crore, has reportedly seized various incriminating documents, luxury vehicles, cash worth around 5 lakhs, jewelry and other valuables worth over 44 lakhs and sealed over half a dozen of their bank accounts.
An IT official said that around 2 dozen places in Vadodara including residences and offices of company promoter Suresh Bhatnagar and his two sons and directors Amit and Sumit Bhatnagar were raided in last 3 days in the absences of the accused. Several of the company officials were also interrogated.
He said that at least 8 bank lockers have been sealed, several documents including suspected fake bills to the tune of over 1500 crores and 7 luxurious cars have also been seized.
The official said that for now the raids were over and the detailed examination of the papers would be done.
Notably, a special CBI court had on April 10 rejected the anticipatory bail plea of the trio.
ED and CBI have also filed cases against them and had conducted raids too.
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