Click to play videoNew Delhi: The Income Tax department on Thursday searched five properties of Uflex Ltd in Uttar Pradesh and New Delhi for suspected tax evasion.
Uflex (formerly Flex Industries) is owned by Ashok Chaturvedi, a friend of Samajwadi Party MP Amar Singh. Income Tax officials claimed they found cash, jewellery and incriminating documents at the properties.
Opposition parties in UP claim that Chaturvedi’s relatives were illegally given prime land in Noida at throwaway prices. Uflex, which is listed on Bombay Stock Exchange, manufactures packaging products, polyester film, inks and adhesives.
Amar Singh said the raids don’t scare him. "If they want to raid me or (UP Chief Minister) Mulayam Singh, they are more than welcome to do that. We are not afraid of Congress' coercive measures", he said outside Parliament.
"I am not aware of the extent of the raids (against Flex). I have been hearing that official machinery will be used against people supposed to be close to me", he said.
"I don't want to cast any aspersion on the administration", but the raids have been conducted just one day before counting of assembly polls in the state. They had also raided the Flex Industry three months ago," he said.
The Flex Group, which has a turnover of around Rs 700 crore and employs more than 2,000 people, has offices in Delhi, Mumbai, Kolkata and Bangalore.
The company’ values slipped by 4.98 per cent at the Bombay Stock Exchange. Its shares plunged to Rs 151.80 from the intra-day high of Rs 158.
Income Tax officials also raided telecom equipment maker Himachal Futuristic Communications Ltd.
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