I-T search at Moira group: Incriminating documents seized

The investigation wing of the income-tax (I-T) department on Friday carried out searches and surveys at business establishments of Moira group.

The investigation wing of the income-tax (I-T) department on Friday carried out searches and surveys at business establishments of Moira group.

Moira Thermax Saria, a Moira group company, is one of the leading manufacturers of steel bars and rods in the state. The group has also ventured into real estate.

The I-T department's exercise was aimed at tracing tax evasion by the group.

Meanwhile, the search teams confiscated a number incriminating documents from the group's 15 premises. The documents revealed that Moira group sold products mostly in cash instead of receiving payment by cheques.

According to sources, the I-T investigation wing is likely to widen the net of search operations in a bid to cover more Moira group customers and suppliers, who were engaged in cash purchase and sale of commodities.

Among 15 premises where the department carried out search included group's educational institutions and cultural society.

In addition, a survey was carried out at Dhar-based Sai Transport Company, which is associated with the group. The searches which began on Wednesday continued till late Friday night.