Furnace owners nabbed for tax evasion

The State Intelligence and Preventive Unit (SIPU) of the GST under the supervision of Jaskaran Singh Brar, Director, SIPU, GST, Punjab, has arrested two brothers in connection with huge tax evasion.

According to sources, their firm is located at Buddhewal Road, where a raid was conducted.

The company, being operated by the name of Monga Furnace, was sold by original buyers. The name of the firm was not changed by the new owners.

The two new owners, who came from Mandi Gobindgarh, were arrested by the GST wing. Later, the suspects were produced before a court.

There are allegations that in the past two years, tax evasion and bogus billing worth over Rs 160 crore were done by the unit 2 of Monga Furnace.