Aurangabad. Large scale black money has been recovered in Income Tax raids at two places in Aurangabad and Jalna of Maharashtra. Income tax teams raided a builder in Aurangabad and the owner of a steel making company in Jalna. Black money of 390 crores has been unearthed in the raids. Income tax officers recovered Rs 58 crore cash and 32 kg gold from both the places. It took the officers close to 13 hours to count the cash. The raids were conducted in Jalna on 3 August. The owners of SRJ PT Steels Pvt Ltd and Kalika Steel Alloys Pvt Ltd came under the scanner of these raids. Teams of 260 Income Tax officers conducted raids in Jalna.
KSAPL, incorporated in October 2002, is engaged in the production of TMT bars with an
installed capacity of 2, 50,000 metric tonnes per annum (MTPA). It is backward integrated with
an installed capacity to manufacture 2,50,000 MTPA of billets.
Its unrelated news to GPIL post, but this raid will strengthen the perception of the government about the windfall profit that has been made by steel companies during last 2 to 3 years.
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