In a shocking revelation, Paonta Sahib based Indian Technomac Company Limited has allegedly duped the government and banks of around Rs 6,475 crore.
Indian Technomac Company manufactured refined noble alloys (alloys made of gold, palladium and silver) between 2009 and 2014. The firm had ceased its operations in 2014.
As per report the firm has defrauded the government of Rs 2,175.51crore in VAT. TimesofIndia has reported 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.
The company has taken the central sales tax exemption by showing forged documents and failed to deposit VAT.
MD, directors booked for cheating and forgery
The managing director and three directors of Indian Technomac Company Limited have been booked by the police under Sections 420,467,468,471 and 34 of the IPC for cheating and forgery following complaint from the Assistant Excise and Taxation Commissioner, Sirmaur.
Indian Technomac Company directors involved in benami deals
Tribune has reported that Directors of Indian Technomac Company Limited have invested in benami properties.
Excise department has found Benami Land purchase by Directors of the firm. Properties had been bought by the company either in the name of its directors or persons related to the company, Tribune has reported. One such land has been purchased at Rampur Majri, which is also under enquiry for violation of Section 118 of the HP Tenancy and Land Reforms Act, 1972.
It’s also reported that more such benami deals in Himachal and other states as well as in overseas locations were also suspected and a detailed investigations would bring out the truth.
Tardy investigation, little hope of recovery
It’s learned that the company’s properties assessed by HIMCON was pegged around Rs 275 crore and as Company has ceased its production in the state it’s unlikely to make full recover. The Economic Intelligence Unit of the Excise and Taxation Department detected the fraud in 2014, however, even after that no substantial action was taken against the erring firm. Surprisingly the Company was also allowed to sell raw materials and finished goods even after it’s sealed.
Another astonishing revelation also exposed department as it had initially deployed only peons to look after the company’s assets after it was sealed in 2014 and later Home Guards were assigned the task, The Tribune reported.