I-T department probes Kalpataru Group for large-scale tax evasion, bogus bills worth Rs 600 crore discovered  

The Income Tax (I-T) Department is investigating construction giant Kalpataru Group over large-scale tax evasion. I-T sleuths allegedly found bogus billing worth around Rs 600 crore on the part of the construction giant. The I-T department carried out raids on Kalpataru Group across 30 locations in Mumbai, Gujarat and Rajasthan on August 4.

The raids went on for around a week since August 4. Raids were carried out not only at the Kalpataru Group premises but also at the residences of some of its directors and executives. At the time, Kalpataru Group said that it has limited information about the impact of these raids on the company’s financial and other activities.

It added that the company’s business operations continued as usual, according to an exchange filing. “The business operations of the Company continue as usual. The officials of the Company are extending its full cooperation to the Department and responding to the queries raised by them,” the filing read.

It is a major player in the infrastructure sector with projects spread across Mumbai as well as satellite cities like Thane. Kalpataru Group works in the realms of buildings and factories, water supply and irrigation, power transmission and distribution, railways, oil and gas pipelines, urban mobility including flyovers and metro rail, and highways among others.

Kalpataru Power Transmission announced changing its name to Kalpataru Projects International (KPIL) in May this year. The name was changed after the required shareholder and regulatory approvals including that of the Ministry of Corporate Affairs were granted, according to a PTI report.

The name change became effective from May 22, 2023. "The name change...unifies our visibility of well-diversified EPC businesses with an increasing portfolio of global projects. It echoes our commitment to all our stakeholders and our ability to create value while aligning our identity," KPIL MD & CEO Manish Mohnot said.

(With inputs from Divyesh Singh, agencies)

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