Realty firm Eldeco chairman Garg arrested

Garg is the second top official of the realty firm to be arrested in the case.

Written by Express News Service | New Delhi | Published:June 23, 2012 3:20 am

The CBI has arrested the chairman-cum-managing director (CMD) of UP-based realty firm Eldeco for trying to settle a tax evasion case with Income-Tax officials. S K Garg was produced before a Delhi court that sent him to judicial custody.

Garg is the second top official of the realty firm to be arrested in the case. He was named by the CBI in an FIR filed earlier this month in which four top officials of the Central Board of Direct Taxes (CBDT) and managing director of Eldeco have already been arrested.

Besides director,Income-Tax investigations,Kanpur,Kunal Singh,those arrested include additional director (Investigations) Ratan Singh,Assistant Director Uma Kant,Inspector Harish Dhaundiyal,MD of Eldeco group Pankaj Bajaj and Chartered Accountant Anil Jaiswal who allegedly acted as a tout.

The agency mounted the surveillance on I-T officials after they received a tip-off that the Eldeco MD had sought favours from I-T officials in connection with the alleged tax evasion by Eldeco running into several crores of rupees.

The CBI officials alleged that the matter pertains to a survey being carried out on Bajaj’s premises on March 28 when the I-T officials allowed him to take away a major portion of cash and gold stored in the lockers in lieu of illegal gratification.

The value of gold and other valuables taken out from the lockers runs into several crores,they said.

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