A whopping ₹ 23,000 crore tax evasion has been found in tax searches at multiple locations of Shree Cement Ltd in Rajasthan. According to reports it is one of the biggest tax evasion to date. According to a NDTV report, The deductions claimed by the company, which is one of India's top three cement producers, are false. The reports further adds, that the company siphoned off ₹ 1200-1400 crore every year in tax evasion and the centre and the state government have suffered a huge loss of revenue due to fake agreements.
According to the information received from the Income Tax Department, when the members of the group were questioned in this matter, they denied having information in this regard. While the group's chairman HN Bangar and vice-chairman Prashant Bangar have moved out after the raid.Group's Vice President Arvind Khinkha was also called for questioning several times during the survey but he too did not appear before the Income Tax officials. Income Tax officials are also unable to contact Managing Director Neeraj Akhori, Director Nitin Desai, Director Shrikant Somani and CFO Subhash Jaju. The information of all these responsibilities is not with any member of the group.