New Delhi/Ahmedabad: Wednesday morning brought troublesome news for Chandra Prakash Agarwal, Chairman and Managing Director of Gallantt Ispat Limited. On the allegation of large scale income tax evasion, multiple teams of Income Tax have simultaneously raided Gallantt Group of Industries in several states across the country from UP to Gujarat and from Delhi to West Bengal.
Income Tax Dept clamps down on Gallantt Ispat Ltd of Gorakhpur over huge tax evasion, other economic offences of crores of rupees; teams raid in UP, Gujarat, Delhi, WB; raids at 6 places in Guj still on; troubles multiplied for MD Chandra Prakash Agarwal. #GallanttIspat #ITRaid pic.twitter.com/H9r5yIcHSM
— Dynamite News (@DynamiteNews_) April 26, 2023
According to the Ahmedabad correspondent of Dynamite News, raids are going on at 6 places in Gujarat alone. Early in the morning in Gujarat, the Income Tax Department raided Gallantt Ispat Limited, a steel company manufacturing TMT bars (rods) under suspicion. There was chaos after the raid. The Income Tax Department raided Gallantt Ispat Limited plant located at 6 places in the state including Samkhiyali, Kutch, Ahmedabad and Surat.
The team of IT officials also reached the house of MD Chandra Prakash Agarwal’s brothers, owners of Gallantt Ispat Limited, for investigation. The Agarwal brothers are accused of alleged tax evasion on a large scale. Gallantt Ispat Limited plant is located in the Kutch district of Gujarat, which was devastated by the 2001 earthquake. The company is currently operating an integrated steel plant at Kutch for production of sponge iron, milled steel billets and re-rolled products (TMT bars). Gallant Group's factories are located from the city of Gorakhpur in Uttar Pradesh to Kutch in Gujarat.
#UPDATE: Countrywide IT raids at 32 locations of Gallantt Ispat accused of alleged massive tax evasion, other economic offences; troubles escalate for CMD Chandra Prakash Agarwal; raids underway at factories, offices, houses of brothers, relatives and associates in several states pic.twitter.com/Ljsst1XU6y
— Dynamite News (@DynamiteNews_) April 26, 2023
The Gallantt Group of Industries of Gorakhpur is facing allegations of serious economic offenses and large-scale income tax evasion. The difficulties of Chandra Prakash Agarwal, owner and Managing Director of Gallantt Group have increased due to simultaneous raids on several locations of Gallantt Ispat in the country. Income tax raids at such a large scale have created a stir among the people associated with the company.
According to Gorakhpur Correspondent of Dynamite News, raids are going on at Gallantt Group factories, offices and its owner's residence. In Gorakhpur area alone, Income Tax officials conducted massive raids with about 35 vehicles. People who have relations with Gallantt Group have also been taken under the radar by the Income Tax Department. Due to simultaneous raids at many places across the country, there has been a stir among the people associated with the business of Gallantt.
Dynamite News tried to contact Chandra Prakash Agarwal, owner of Gallant Group, on these Income Tax raids but got no response.
