Bhopal (Madhya Pradesh): A team from the Punjab Income Tax Department conducted a search operation at the office of Dilip Buildcon in Madhya Pradesh capital Bhopal on Monday.
It is said that, along with the main office, 2 other premises were also covered. The IT search is reportedly related to share pricing irregularities.
Sources said that local Income Tax officials were unaware of the operation, as the Punjab team had not informed them in advance.
Police personnel were deployed outside the office of Dilip Buildcon which is owned by Dilip Suryavanshi.
Notably, Dilip Buildcon has been into the construction business for several years and saw a steep rise in its fortunes.
The company initially entered the infrastructure sector by taking up road construction tenders in Madhya Pradesh and later expanded its operations to other states as well. It is also involved in Bhopal Metro construction work.
It is learnt that incriminating documents were seized during the IT search operation. So far, there has been no official statement from Income Tax authorities regarding the action.
Details about the alleged share pricing irregularities are expected to emerge after the completion of the search.
