Breaking: IT Dept. uses Shri Ram banner on vehicle to avoid detection during Raids; Seizes Cash and Jewellery worth Rs.16 Crore:

Breaking: IT Dept. uses Shri Ram banner on vehicle to avoid detection during Raids; Seizes Cash and Jewellery worth Rs.16 Crore The Income Tax Department's Uttar Pradesh investigation wing conducted searches on the Gallant Group of enterprises. The vehicles utilised the banner 'Shri Ram Janki Yatra' to escape discovery. The banner mentioned that the vehicle was part of a spiritual tour covering several states, starting from Ayodhya and passing through areas like Nandigram in West Bengal, Prayagraj and Varanasi in Uttar Pradesh, Janakpur in Nepal and Sitamarhi in Bihar. I-T officials utilised the banner to conceal their movement to the Gallantt Group of companies-owned and controlled premises. The I-T authorities raided the offices of the companies' promoters, employees, 'hawala' operators, and others.

Company under Investigation

Gallantt Group is made up of two companies: Gallantt Ispat Ltd and Gallant Metal Ltd, and it manufactures sponge iron and TMT bars. The company claims to be the leading TMT bar maker in Uttar Pradesh. Gorakhpur is the location of the facility. Gallantt Group is promoted by CP Agarwal. According to accounts, a previous Uttar Pradesh chief minister assisted in the establishment of Gallantt Group's Gorakhpur factory. The aforementioned corporation also has a TMT manufacturing plant in Gujarat's Kutch region. Some of Bollywood's biggest stars are also brand advocates for the company.

Raid and Findings

According to insiders, the banner helped conceal the movement of income tax department, who successfully conducted raids and discovered data of suspicious transactions totaling more than Rs 600 crores. Income Tax teams raided approximately 60 locations in Uttar Pradesh, Delhi, Gujarat, Kolkata, Bihar, and NCR. As per sources, I-T authorities discovered that over Rs 360 crores was pumped into the Gallant Group, also known as Gallantt Ispat Industries, via Kolkata-based hawala operators who delivered the money in the form of share capital in exchange for cash allegedly provided by the company's proprietors.