The department is also looking at some bank and private lockers in the name of various people linked to the company
The income tax department has recovered cash and jewellery worth about Rs 16 crore after it conducted searches at around 60 premises across the country as part of its probe into alleged tax evasion by Uttar Pradesh-based Gallantt group, official sources said Thursday.
The company manufactures TMT steel bars.
The raids were launched on Wednesday at various locations in Uttar Pradesh, Delhi, Gujarat, West Bengal and Bihar and apart from the company promoters and officials, the locations of hawala operatives, also known as entry operators, and others were also searched, they said.
About 60 premises have been covered, the sources said.
An email sent to the company seeking their comments on the raids going on for the second day remained unanswered.
The tax officials, drawn from the UP investigation wing of the I-T department, have recovered about Rs 6 crore cash, jewellery worth around Rs 10 crore and a number of documents related to alleged "fraudulent" share capital to the tune of about Rs 500 crore.
The department is also looking at some bank and private lockers in the name of various people linked to the company.
The Gorakhpur headquartered firm states on its website that it is "establishing itself as the foremost manufacturer of steel products in India."