A team from the Income Tax (IT) Department’s Investigation Wing, Mumbai, conducted searches on Tuesday at Sanvijay Rolling and Engineering Limited in Ganeshpeth, along with its subsidiary, Varron Autokast Limited.
Officials confirmed that multiple locations were covered during the operation, with scrutiny of financial records, banking transactions, and documents related to recent plant sales. The probe is focusing on the financial trail linked to the Varron Autokast acquisition and associated dealings, where large industrial transactions may involve undisclosed payments or underreported values.
The action follows the reported sale of two plants in Chandrapur and another unit in Nagpur, prompting an investigation into suspected tax evasion and financial irregularities. The company is owned by Sanjay Puranlal Agrawal and Ajay Puranlal Agrawal.
Sanvijay Rolling and Engineering Limited operates six rolling mills in Hingna and Butibori MIDC and reported a turnover of ₹2,099 crore in FY24. Varron Autokast Limited, acquired in May 2022, runs an 85-acre facility on the Nagpur–Hyderabad highway, catering to the defence, automotive, and construction sectors.
Sources said the IT Department has intensified enforcement activity in the final weeks of the financial year, a pattern typically seen as authorities seek to conclude key cases before March 31.
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