Bhilwara, 21 August (Kiran News). A major operation by the Directorate General of GST Intelligence (DGGI) was conducted on Thursday against the renowned Ratnakar Group, a leading steel bar manufacturer in Bhilwara. Separate teams from Jaipur simultaneously raided the group’s Gandhinagar-based office, plant, factory, and directors’ residences, initiating a detailed survey that began at around 1 pm and continued late into the day.
The DGGI team had received concrete information about tax evasion worth Rs 30 to 40 crore by the Ratnakar Group. Acting on this input, officials questioned the company’s directors, their family members, and staff. The initial probe revealed that the group had carried out large-scale business transactions without invoices and had used fake billing and clearance services through a Jaipur-based firm to evade taxes.
A heavy police presence was maintained outside Ratnakar Group’s Gandhinagar office and plant in Bhilwara. The office gates were closed, and entry and exit were strictly regulated. DGGI vehicles remained stationed at other locations. News of the raid sent shockwaves through the local business community.
Officials suspect that the company has conducted business worth crores of rupees without GST bills and may have claimed significant refund amounts under the state government’s RIPS scheme. According to departmental sources, tax evasion cases have risen after the state government ended sales tax checks. Several other companies linked to the steel business may also come under investigation.
Ratnakar Group is a major industrial entity in Bhilwara, with an annual turnover reportedly exceeding Rs 100 crore. The company is run by Director Shankar Lal Jat, with his brother Dalchand Jat and son Rajendra Chaudhary also actively involved. Initial findings indicate tax evasion exceeding Rs 30 crore, though this figure could rise as investigations continue.
It was also found that Ratnakar Group availed fake billing and clearance services via Jaipur’s Mahavir Trading Company. Notably, DGGI Jaipur has already registered a tax evasion case of Rs 706 crore against Mahavir Trading Company and arrested seven people in connection. That case involved fake billing, hawala transactions, and violations such as the absence of e-way bills.
Following the action on Ratnakar Group, anxiety has gripped the business circles in Bhilwara. There is speculation that more names could emerge as the investigation widens. DGGI teams are closely monitoring other major companies and business entities in the city. At present, DGGI officials are questioning Director Shankar Jat and other associates, while scrutinising seized documents and electronic data. According to sources, more significant action against the company could follow in the coming days.
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