The Himachal Pradesh Police have registered a case against the managing director and three directors of the Indian Technomac Company Limited for allegedly defrauding a number of government departments and a consortium of banks of more than Rs 6,000 crore. The company, which made refined alloys of noble metals, allegedly committed the fraud between 2009 and 2014 before shutting shop, The Times of India reported.
The police registered a first information report on the basis of a complaint filed by the assistant excise and taxation commissioner. The company was based out of Himachal Pradesh’s Paonta Sahib town. Deputy Superintendent of Police Pramod Chauhan told The Tribune that Managing Director Rakesh Sharma and the three directors – Viney Sharma, Ranganathan Sirinivasan and Ashwini Kumar Sahoo – were charged with cheating and forgery.
Technomac allegedly owes the Excise and Taxation Department Rs 2,175.51 crore in value added taxes. It is believed to have evaded paying the tax using forged documents. The company defaulted on loans worth Rs 2,167 borrowed from various banks. It also owes the Income Tax Department around Rs 750 crore and the provident fund, labour and state electricity departments between Rs 15 crore and Rs 20 crore, The Tribune reported.
The Economic Intelligence Unit of the Excise and Taxation Department detected the fraud in 2014. Director General of the Himachal Pradesh Police SR Mardi said they will investigate the case first before involving the Enforcement Directorate.