Income Tax raids target steel businessman in Raipur

Raipur In a renewed crackdown, the Income Tax Department has initiated search operations on Thursday morning. A specialized team from the I-T Department executed a meticulously planned operation at the residence of a prominent steel businessman in Swarn Bhoomi Colony, the heart of Raipur, the capital city of Chhattisgarh. The operation was in progress till filing this report, with authorities intensively scrutinizing the premises. The Income Tazx-T team’s focus extends beyond the entrepreneur’s residential property, as they are examining documents and assets at his manufacturing facility. In a simultaneous move, another squad has launched a parallel searches in the state of Odisha. It is alleged that this additional operation is directed towards investigating the business associates and partners of the aforementioned steel businessman operating in Odisha. The operation in Raipur is a joint endeavor involving officials from both Chhattisgarh and Madhya Pradesh under the jurisdiction of the Income Tax Department. Notably, this operation follows a significant Income Tax raid conducted in July, primarily targeting individuals linked to the coal and steel sectors within Chhattisgarh. The previous operation had unearthed substantial discrepancies and violations pertaining to income tax regulations. The businessman under scrutiny is identified as Rakesh Agrawal, the proprietor of Lakshmi Krupa Steel. Income Tax teams have searched multiple locations, encompassing his residence in Swarnabhoomi, the manufacturing facility, and various other establishments. Sources indicate that the Income Tax teams have also carried out comprehensive searches and document reviews at the premises of four to five partners affiliated with Rakesh Agrawal, both within Chhattisgarh and Odisha.

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