In the wake of ongoing investigation in Madhav Copper of Bhavnagar, raids were carried out by the State GST authorities at the business and residence location Utkarsh Group of Rajkot for alleged wrongful availment of tax credit.
The trail of bogus billing scam led the investigators to raid the Ahmedabad and Rajkot residences of in-house chartered accountant of Utkarsh Group Himanshu Chomal along with 9 other residential and business locations of TMT bars manufacturers Utkarsh Group and Arya Metacast Pvt Ltd.
So far the investigators could pinpoint wrong availment of Rs.30 crores of tax credit by Utkarsh Ispat LLP and Rs.2 crores by Arya Metacast Pvt Ltd. The accounting material and other documents are recovered from the raided locations at Race Cource Road, Bamanbor, University Road, 150 ft Ring Road, Circuit House Road, Raiya Road at Rajkot and New Chandkheda-Tragad Road and Satellite at Ahmedabad.
The authorities had earlier apprehended Afzal Savjani, Minaben Zala (Rathod), Kirtiraj Sutaria and Mohammad Abbas Meghani in connection with multi-crore bogus billing scam. The material receovered from these accused had indicated involvement of Madhav Copper Ltd of Bhavnagar which was also raided on 18th November.
During the raids, the Utkarsh Group’s Chief Executive Nirav Arya complained about pain in the chest and was later admitted to synergy Hospital in Rajkot.