The Income Tax (I-T) Department is presently investigating Kalpataru Group, a prominent construction company, for suspected involvement in substantial tax evasion. Allegedly, I-T investigators have uncovered fraudulent invoicing totaling around Rs 600 crore linked to the construction giant. The investigation prompted a series of raids at 30 locations in Mumbai, Gujarat, and Rajasthan, which were initiated on August 4.
These focused raids, ongoing for about a week since August 4, targeted not only Kalpataru Group’s offices but also the homes of specific directors and executives. Responding to the situation, Kalpataru Group issued a statement recognizing limited clarity regarding the potential impact of the raids on the company’s financial and operational aspects.
In an official filing submitted to the stock exchange, the company stressed that its day-to-day business operations have continued without interruption.
Kalpataru Group holds a significant presence in the infrastructure sector, concentrating its projects primarily in Mumbai and satellite regions like Thane. The company engages in diverse domains, including constructions, water supply, power transmission, railways, urban mobility projects such as metro rail systems and flyovers, as well as highways, oil, and gas pipelines.
Earlier this year, particularly in May, Kalpataru Power Transmission declared a name change to Kalpataru Projects International (KPIL). The renaming followed necessary approvals from shareholders and regulatory bodies, including the Ministry of Corporate Affairs. The change, effective from May 22, 2023, aimed to unify the company’s diverse range of EPC (Engineering, Procurement, and Construction) ventures under a single identity.
Manish Mohnot, Managing Director, and CEO of KPIL, conveyed that this change mirrors the company’s dedication to stakeholders and its competence in creating value, all while aligning with its fundamental identity.