Kalpataru Group under Income Tax Dept. investigation over tax evasion, ₹600 crore-worth fake bills unearthed: Report

The I-T department carried out raids on Kalpataru Group across 30 locations in Mumbai, Gujarat and Rajasthan on August 4

The Income Tax (I-T) Department is looking into Kalpataru Group, a major player in the construction industry, for widespread tax fraud and has found fake invoices totaling about 600 crore as part of the investigation. According to a Business Today report, the I-T department conducted raids on the Kalpataru Group on August 4 at 30 locations in Mumbai, Gujarat, and Rajasthan.

The building company’s fake invoice was discovered by the IT department to be worth over 600 crore.

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Raids were conducted at some of the directors’ and executives’ homes in addition to the Kalpataru Group’s offices. At the time, Kalpataru Group claimed to have little knowledge of how these raids might affect the business’s finances and other operations.

According to a filing with the exchange, it further stated that business as normal continued at the company. “The Company’s business operations continue as usual. The Company’s representatives are offering the Department their full cooperation and are responding to their inquiries, the document stated.

It is a significant player in the infrastructure market, with projects located both in Mumbai and in nearby places like Thane. Among other things, Kalpataru Group operates in the areas of industries and buildings, water supply and irrigation, power transmission and distribution, railroads, oil and gas pipelines, and urban transportation, including flyovers and metro rail.