(G.N.S) Dt. 13
A Himachal Pradesh company has been accused of duping the government and a consortium of banks of more than Rs 6,000 crore. Indian Technomac Company, which manufactured refined noble alloys (alloys made of gold, palladium and silver) between 2009 and 2014 before it shut down, has been accused of defrauding the government of Rs 2,175.51crore in VAT.
A fresh case of financial fraud has come to light involving Rs 6,000 crore by a Himachal Pradesh-based company. The Indian Technomac Company, involved in manufacturing refined noble alloys between 2009 and 2014 before it closed down its operations, has been accused of defrauding tax department and the government.
According to sources in the excise and taxation department, the company took the central sales tax exemption by showing forged documents and failed to deposit VAT. Sources in the excise department told TOI that besides the alleged tax fraud, the net liability of company towards banks is Rs 3,500 crore, while its liability towards Income Tax department is Rs 780 crore. The company’s liability towards provident fund, labour department and electricity department is between Rs 15 crore and Rs 20 crore. An official said that if the company’s liabilities towards banks and other institutions are added, then this scam could amount to Rs 6,475 crore.
CPM MLA Rakesh Singha highlighted the issue in the state assembly. In a development in the case, an FIR has been registered by the Police, according to a Times of India report.
The company reportedly defrauded the government of Rs 2,175.51 crore in value added tax (VAT). It has been accused of taking the central sales tax exemption by showing forged documents and failed to deposit VAT, said the TOI report quoting its sources in the excise and taxation department.
Apart from the alleged tax fraud, the company has a liability of over Rs 4,000 crore towards banks, income tax department and other institutions. It includes a net liability of Rs 3,500 crore towards banks, Rs 780 crore towards IT department, and Rs 15-20 crore towards provident fund, labour department and electricity department.
Adding the tax fraud and liabilities of the company, the scam would raise to Rs 6,475 crore, an official told TOI. As of now, the case is under investigation and only after going through the details, decision will be taken to call upon Enforcement Directorate to look into the matter, officials said.
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