Central India’s biggest tax evasion I-T uncovers Rs 500 cr fraud involving two corporate groups

 

 

 

In a major crackdown on tax evasion, Income Tax authorities have uncovered a massive Rs 500 crore fraud involving Satyam Balajee Group, a leading exporter of non-Basmati rice, and Sai Hanumant Industries Private Limited. The investigation revealed a complex network of shell companies and fraudulent transactions, marking it as one of the largest tax evasion cases in Central India’s history. Sources in the Investigation Wing of the Income Tax Department, speaking to ‘The Hitavada’, disclosed that this massive tax fraud came to light following 6-months of real-time surveillance and financial intelligence gathering. The Financial Intelligence Unit (FIU) played a pivotal role in tracking suspicious transaction patterns that eventually led to the full-scale tax crackdown.

 

A large-scale tax investigation, encompassing over 25 locations across Chhattisgarh (including Raipur, Durg, Bhilai, Rajnandgaon, and Nawapara-Rajim), Maharashtra (Gondia), and Andhra Pradesh (Kakinada), has ensnared numerous businesses. By the second day of the searches, authorities had seized Rs 8 crore in unaccounted cash, and government-approved valuers were appraising jewellery worth several crores. One of the most explosive revelations of the ongoing tax investigation is the Gondia district connection in state of Maharashtra, which has surfaced as the common link between Satyam Balajee and Sai Hanumant Industries. Maharashtra-based firm and its allied paper companies served as key conduits, fabricating non-existent business transactions and providing counterfeit invoices. These firms helped both groups inflate expenses, obscure actual turnover and evade massive tax liabilities.

 

The group’s international business footprint spans multiple countries, with its financial dealings now coming under scrutiny. Investigators have discovered 15 bank lockers linked to both groups, out of which only one has been opened so far, revealing cash deposits of significant value. The remaining 14 lockers remain sealed under Prohibitory Orders (POs) and will be opened in phases. Tax officials have also placed stringent restrictions on multiple bank accounts suspected to be used for financial concealment. Cyber forensic experts from Mumbai, Surat, Bhopal and Kolkata are working parallel to meticulously clone a large amount of digital evidence. Laptops, smartphones, iPhones, portable hard drives and other digital storage devices seized from 25 locations. The I-T Department’s Investigation Wing, led by Additional Director Tarun Kanojia, is coordinating this multi-state crackdown, with Conducting Deputy Director Income Tax (DDIT) Naval Jain spearheading the ground operations.

 

The operation is being executed with a 200-member team, including officers from Bhopal, Jabalpur, and Indore, ensuring synchronised action across multiple locations. The investigation is expected to intensify as the search and seizure operation continues for two more days. Senior officials are preparing to call in key individuals, including company directors and financial personnel, for extensive questioning. This investigation is likely to lead to a closer examination of the financial structures and business models of both conglomerates. Among the companies under the tax scanner are Satyam Balajee Rice Industries Private Limited, Satyam Balajee Automotives Private Limited, Satyam Balajee Energy Private Limited, Satyam Balajee Exim Private Limited, and Baldevji Enterprises LLP. The key individuals at the centre of the probe include Oshin Agrawal, Purushottam Agarwalla, Pradeep Kumar Agarwal, Himanshu Ranjan Agrawal, Abhishek Ranjan Agrawal and Kajli Agarwal. For Sai Hanumant Industries Private Limited, the directors under investigation are Sandeep Kumar Dhamejani, Sunil Dhamejani, and Kashish Dhamejani. Additionally, KNL Exim Private Limited and Medibloom Health Solutions Private Limited -- companies linked to Sai Hanumant Industries -- are also under scrutiny for alleged financial misconduct.