I-T raids top Vadodara industrialist brothers

The Income Tax (I-T) department of Vadodara region today conducted raids on business and residential premises of a city-based manufacturer of power transmission equipment and turn-key services provider,and sealed its 10 bank lockers.

Written by Express News Service | Vadodara | Published: March 16, 2012 4:16 am

The Income Tax (I-T) department of Vadodara region today conducted raids on business and residential premises of a city-based manufacturer of power transmission equipment and turn-key services provider,and sealed its 10 bank lockers.

Around 80 I-T sleuths reached 14 premises of Diamond Power Infrastructure Limited (DPI) at 7.30 am and continued raids till late in the evening.

The officers also raided the firm’s two offices in Mumbai with the help of their local counterparts.

Around 30 policemen provided security as I-T sleuths raided 11 business and three residential premises of the firm owners. The raids were conducted at the company’s corporate office in Gorwa and its transformers and cable production unit in Savli.

I-T officials also cracked down on the company’s premises in Ranoli GIDC and Samiyala on the outskirts of the city,besides the residences of DPI’s top bosses in Green Park society on Nizampura Road and in New Alkapuri.

When reports last came in,they had sealed 10 lockers and recovered around Rs 35 lakh cash. “The counting of money is on and the exact figure would be known by the next morning,” sources in the I-T department told The Indian Express.

DPI is a major manufacturer of electric cables,power transformers,conductors and towers. The company has an annual turnover of Rs 1,000 crore to 1,200 crore. According to sources,the company is trying to export its products.

The family of three brothers is believed to have influence in political circles and one of them is also on the board of directors of Vadadara Marathon.

Incidentally,a Hyderabad court had issued non-bailable arrest warrants against these brothers after a construction firm there alleged them of fraud worth Rs 97.55 lakh.

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