Fraud, cheating case against Indian Technomac for Rs 22-bn sales tax theft

The firm took central sales tax exemption by showing forged documents to the bank, didn't pay sales tax from 2009 to 2014

The Excise and Taxation Department of Himachal Pradesh on Tuesday filed a cheating and fraud case against Indian Technomac Company in Sirmaur for allegedly stealing Rs 21.75 billion (Rs 2,175 crore) sales tax.

The company, which was established before 2009, took the central sales tax exemption by showing forged documents to the bank and did not pay the sales tax from 2009 to 2014. Later, the company closed its operations in 2014.

On the basis of these fake reports, the company had approached several banks to avail the heavy loans. According to reports, the promoter of the company had approached at least 16 banks and availed the loans.

 

Now, a case has been registered under Section 420 (fraud), 487, 468, 470, 471 of Indian Penal Code (IPC) at the Majra police station in Sirmaur district against the Chairman and Managing director Rakesh Kumar, Directors Vinay Sharma, Ranjan Mohan and Ashwani Saahu.

GD Thakur, Assistant Excise and Taxation Commissioner based at Nahan, said that after the police investigating, the matter would be handed over to the Enforcement Directorate (EC).