Bhushan Steel confirms I-T raids, denies any wrongdoing

The Income Tax Department has concluded raid operations on Bhushan Steel and Bhuhsan Power & Steel, sources told CNBC-TV18's Ashwin Mohan. The alleged total disclosure post the raid operations stands at Rs 502 crore.

The operations were conducted nationwide on 48 premises, both business and residential. Operations were conducted in Delhi, Chandigarh, Kolkata, Orissa, Ranchi, Mumbai, Raigarh, and Ghaziabad. A total of 11 premises were searched under section 132 of the Income Tax Act while 37 premises were surveyed under section 133A.

The alleged disclosures fall under three heads - share capital, property investment, and bogus expenditure. Prohibitory orders have been passed on bank lockers and bank accounts in the raid premises.

The Delhi Investigative Wing of the I-T Department is heading the raid operations.

When contacted, officials at Bhushan Steel confirmed I-T raids on its premises, but denied any alleged disclosures or alleged bogus expenditure by the company.