HP firm director held, sent to 4-day custody

SHIMLA: A day after the state crime investigation department (CID) arrested a director of the Indian Technomac Company Limited in connection with an alleged ₹2,200 crore tax evasion scam, he was produced in the court on Wednesday and remanded to four-day police custody.

Vinay Sharma, one of the director of the company was arrested by CBI on Tuesday. He is the son of former IAS Madan Lal Sharma, who has also served as Sirmaur deputy commissioner.

CID sources said the probe agency has been investigating two cases related to the involvement of excise and taxation officials and power department officials in the scam. The material and machinery from the unit established in Himachal Pradesh’s Paonta Sahib was taken out despite the fact that unit was sealed by the excise and taxation department.

“Role of excise officials have been investigated as how the company was allowed to default with tax amounting ₹2,175 crore,” sources in the police department said.

A case has been registered under Section 420 (cheating) along with 487, 468, 470, 471 of the Indian Penal Code (IPC) at the Majra police station in Sirmaur against the firm’s chairperson and managing director Rakesh Kumar, directors Vinay Sharma, Ranjan Mohan and Ashwani Saahu.