Ranchi, Mar 23 (IANS): The Income Tax (I-T) Department has unearthed a stock of 22,000 metric tonne of coal during raids conducted at the premises of Agriti Minerals Private Ltd, a Jharkhand-based company involved in the business of mining products.

During investigation, it was revealed that the coal was meant to be supplied to two power plants in the state, but instead was illegally dumped by the company. The coal was stored at the company's bases at Kuju town in the Ramgarh district.

In the assessment done by the I-T Department, it has been revealed that the value of illegally dumped coal at the company's premises is Rs 23.75 crore. The department had conducted a survey on March 20-21 at the company's locations in Ranchi and Kuju.

During the survey, it was found that the company has a huge stock of coal at its premises as compared to the details entered in its stock register. The evaluation of this stock was done by the experts of Central Mine Planning and Design Institute (CMPDI), a Central government company.

Investigation revealed that this coal was to be supplied to Maithon Power Limited and Koderma Thermal Power Limited, but the company dumped it. The plans were to illegally sell the coal at high prices in the market.

The businessman running the company has also accepted the proof of having an undisclosed income of Rs 4.5 crore. He has also agreed to pay a tax of Rs 1.5 crore to the I-T Department.