VADODARA / AHMEDABAD, 22 June - The Vadodara chemical industry is in the midst of a tumultuous tax scandal as two prominent chemical companies fall under the scrutiny of the Income Tax Department. Simultaneous raids were conducted at seven key locations, and preliminary reports suggest the magnitude of the suspected tax evasion could be in the order of crores of rupees.
As per agency report, on Thursday, the authorities descended upon several sites across Vadodara, including the corporate offices and private residences of the directors of the implicated chemical firms. The Income Tax Department's investigation extends to Gorwa, near the Gotri Harinagar water tank, Gorwa BIDC, Panoli GIDC, and chemical manufacturing units located at Nandeshri. To support these efforts, local law enforcement has been drafted in.
As per departmental sources, the raids have yielded a trove of potentially incriminating documents. These papers are currently under meticulous scrutiny, along with the companies' bank accounts. The department's officers have also begun digging into the chemical production and sales records of the companies. Computer data reflecting the companies' inward-outward (purchase-sale) activities has been confiscated as part of the investigation.
In addition to these measures, bank lockers owned by the companies have been sealed, and the personal bank accounts of the directors' family members are now under the scanner. Lastly, any cash and jewelry found at the directors' residences are also being assessed for their potential connection to the alleged evasion.
