Income tax sleuths raid poly chemicals major Forace Polymers

Simultaneous raids are being conducted by the income tax department at various locations of major poly chemical manufacturing company Forace Polymers in Delhi, Gujarat and Haridwar Uttarakhand. The team is interrogating every employee of the company, the sources said.According to sources, the turnover of Forace Polymers is said to be more than Rs 1,000 crore.

Simultaneous raids are being conducted by the income tax department at various locations of major poly chemical manufacturing company Forace Polymers in Delhi, Gujarat and Haridwar (Uttarakhand). The raids began on March 27 and are still on, sources here said. The raids are also being conducted at the residences of the company's directors Suresh Gupta and Vikas Garg in Haridwar's Nand Vihar area, they said. Headquartered in Haridwar, the company also has its offices in Gujarat, Delhi, Mumbai and Rajasthan. Cash worth Rs 2.5 crore, documents, mobile phones and laptops/computers of all the employees of the company have been seized during the raids going on at different locations. The team is interrogating every employee of the company, the sources said.

According to sources, the turnover of Forace Polymers is said to be more than Rs 1,000 crore. The company and its directors are accused of tax evasion.

Inputs and evidences related to several movable and immovable assets acquired in the name of the company director's wife are also being scrutinised, they said.

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