Cement factory MD jailed for tax evasion

Indore, June 8 (UNI) A Dhar-based cement factory's Managing Director was arrested by the Central Excise officials yesterday on the charge of tax evasion of about Rs 1 crore.

A local court has rejected the bail application of Rajesh Bansal and sent him in judicial remand till June 16.

On the apprehension of tax evasion, the Central Excise officials held simultaneous raids at his factory, office and residence on March 30 and seized incriminating documents and Rs 12 lakh in cash.

During investigation, tax evasion of Rs 1 crore had come to light, official sources said.

UNI