IT seizes assets over Rs one crore from Rungta group

Patna, Sep 11 (UNI) In a nation-wide raid on Rungta group of industries, the Income Tax (IT) sleuths seized assets worth Rs 1,17,75,062, official sources here said.

Sources at the investigating wing of the IT said today that Rs 80 lakh and 40 thousand were recovered in cash. More than 100 bank accounts and several bank lockers seized during the raids, were being examined, sources added.

The IT sleuths simultaneously raided 22 premises inclduing residences and offices at various places in Ranchi, Ramgarh, Varanasi, New Delhi, Kolkata, and Hyderabad. Several incriminating documents, including papers pertaining to unaccounted sales, money transfer, substantial investments in land and other assets were recovered during the raids conducted on September 7.

The Rungta group controlled by Ramswaroop Rungta, Mahavir Prasad Rungta and Ramchandra Rungta deals in coal transportation for C C L, manufacturing of sponge iron and cement.

UNI