I-T raids firm with links to chopper case accused, detects irregularities

NEW DELHI: Hyderabad-based Alphageo (India) Ltd was found to be involved in a large scale “overinvoicing of imports” through VVIP chopper scam accused Rajiv Saxena in a recent search operation conducted by the income-tax department, two officials with knowledge of the matter said, requesting anonymity.

This is the second major search and seizure operations conducted recently against people having links with Dubaibased operator Saxena, who was extradited in India in January this year, the officials said.

The department on Tuesday “provisionally” attached shares worth Rs 254 crore related to companies of Ratul Puri, the nephew of Madhya Pradesh chief minister Kamal Nath, after it discovered that the transaction involving the non-cumulative compulsory convertible preference shares were made with the help of Saxena through shell companies, officials said.

Queries sent to the Central Board of Direct Taxes and Alphageo (India) Ltd did not elicit any response. Alphageo (India) Ltd’s promoter Dinesh Alla could not be contacted. A spokesman for Puri said, “As the matter is under sub judice, it would be inappropriate to comment on the matter. What we can confirm is that the company has followed all the guidelines of governance. Right from commissioning India first 5 MW and the then largest solar farm in Asia, the company has many distinction to its credit. All these allegations are speculative and unfortunate.”

In a statement issued on Wednesday, the I-T department said the search action took place on July 24, on a “Hyderabad based group engaged in the business of conducting seismic data analysis”. The statement did not, however, disclose the name of the company. “The surplus funds thus generated amounting to $6 million were parked in Dubai based accounts of the said operator,” it said.