Income Tax Raids Hindustan Coil Group in Chhattisgarh, ₹300 Crore Evasion Uncovered

The Income Tax Department has launched a massive search operation against Hindustan Coil Group and its associated sponge iron and coil businesses, uncovering significant financial irregularities.

The operation, which covered 42 locations across Chhattisgarh, has fully examined only one premise so far, officials confirmed.

During the raids, authorities identified 17 bank lockers linked to the group, of which only two have been accessed. The remaining lockers have been sealed under prohibitory orders.

The investigation primarily targets the business establishments of group owners Arvind Agrawal, Vikas Agrawal, and Vipin Agrawal, including firms such as Om Sponge, Devi Sponge, and several related enterprises operating in Raipur. Search teams simultaneously reached over 42 sites, including factories, corporate offices, and luxury residences.

A large number of electronic devices, including laptops and desktops, along with raw and unrecorded transaction bills, were seized under the Evidence Act. Preliminary assessment indicates the group may have evaded taxes worth an estimated ₹300 crore.

Officials also recovered ₹5 crore in cash, 5 kg of gold, and other jewellery from the Agrawal brothers’ premises. Statements from all concerned individuals are currently being recorded.

The I-T teams conducted thorough inspections at 10 major industrial units in Silatra Industrial Estate, Urla Industrial Area, and Tilda region. Residential and corporate premises linked to the group were also covered. Approximately 150 CRPF personnel were deployed to maintain strict security during the operation.

The operation is being overseen by K. Ravi Kiran, IRS (1996 batch), Principal Director of Income Tax (Investigation), Chhattisgarh. Field-level command was handled by Bharat Shegaonkar, IRS (2013 batch), Joint Director of I-T, while on-ground operations are led by Naval Jain, IRS (2020 batch). Nearly 40 Income Tax officers from Raipur, Bhilai, Durg, and Jagdalpur have been engaged in the investigation.
 

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