Vinay Kumar English news | Vinay Kumar, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The police want to arrest Indian Technomac Co Ltd Chairman and Managing Director Rakesh Kumar Sharma, who is said to be in Dubai.Superintendent of Police Sandeep Dhawal told that Interpol's help was sought to arrest Sharma, who was jailed in 2014 for two years in Dubai after a cheque issued by him bounced."His last travel details were in Dubai and he is using a mobile phone of Dubai origin. His Indian passport has been revoked," he said.Admitting the State's plea, Additional Sessions Judge Jaswant Singh initiated proceedings to declare him a proclaimed offender. It will take 15-20 days to complete the formalities, Dhawal added.A total of 19 people, including six officials of the Excise and Taxation Department, have been arrested.Company Director Vinay Kumar, son of former bureaucrat M.L. Sharma, who was Deputy Commissioner in Sirmaur where the company was located, was named in the chargesheet.The financial embezzlement allegedly involving over Rs 5,000 crore is one of the biggest scams in the state. The case is being investigated by different investigating agencies for the past five years.The company closed the manufacturing operations in March 2014 and its officials disappeared.While the Excise and Taxation Department had suffered tax evasion of Rs 2,175 crore, banks were defaulted to the tune of Rs 2,167 crore and the Income Tax Department is owed Rs 750 crore.Investigations say 21 companies were constituted by the company from 2009 to 2013 and the modus operandi was siphoning off bank loans.The fraud came to light in 2014 when the Excise and Taxation Department found a mismatch in the return filed by the company and its VAT declarations.A case under relevant sections of the Indian Penal Code and the Prevention of Corruption Act was registered against the company officials in 2016.The company based in Paonta Sahib was manufacturing steel and raw materials, ferro alloys and steel ingots, and it had become liable to pay tax from January 2008.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Marathi Language Controversy

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Ahmedabad Plane Crash

Vinay KumarFOLLOW

Vinay kumar, Latest News

National :Bihar registers dip in riots, crime against women, police cite NCRB data

Bihar which figures fourth on the national crime chart for riots in 2018 has registered a decline of over 8,000 cases from the previous year, state police said on Sunday citing data published recently by the National Crime Records Bureau (NCRB). ...

Technology :Microsoft, Oracle expand Cloud partnership to Canada

Oracle and Microsoft have expanded their Cloud partnership to now help customers in Canada run their mission-critical workloads across Oracle Cloud and Microsoft Azure. ...

National :Delhi Anaj Mandi fire: Court sends owner, manager to 14-day police custody

A Delhi court on Monday sent to 14-day police custody the owner and manager of the factory in Filmistan's Anaj Mandi area here where 43 people lost their lives in a massive fire incident and noted that the factories operated at the property without c ...

National :Common people affected by lawyers' protest at Saket court complex, urge early resolution

The common people who have dates and hearings pending at the Saket court expressed displeasure with the ongoing lawyers' protest at the court complex on Wednesday. ...

Other Sports :PKL 7: Vikas shines in Haryana's emphatic win over Pune

Ace raider Vikas Kandola was once again an unstoppable force as Haryana Steelers cruised to a 41-27 victory against Puneri Paltan in a Pro Kabaddi League (PKL) encounter at the Sree Kanteerava Stadium here on Monday. ...

National :Himachal Police seek arrest in multi-crore scam

The Himachal Pradesh Police on Monday moved a Sessions Court in Sirmaur district to declare the Managing Director of a company believed to be hiding in Dubai a proclaimed offender for alleged embezzlement running into thousands of crores of rupees. ...