Tata Steel to stop Rs 11 crore worth of steel rebar theft

07 November 2017, 02:39 AM
2,000 ton of rebars worth Rs 11 crore of the steel major and other steel companies, are stolen (Image source: PTI)
2,000 ton of rebars worth Rs 11 crore of the steel major and other steel companies, are stolen (Image source: PTI)

In view of incidents related to pilferage of Tata Steel products, the crime and intelligence team of the company is taking safeguard measures to protect the brand.

A case in point is the spate of thefts of Tata Steel rebars, a Tata Steel release said today. According to estimates, each month 2,000 ton of rebars worth Rs 11 crore of the steel major and other steel companies, are stolen en route to Ranchi, the release said.

Truck drivers and godown owners allegedly collude for stealing such company property. These rebars are sold by the godown owners and in this way, they evade GST and other taxes, besides abetting organised theft, it alleged.

To stop this illegal practice, Tata Steel has taken the help of the district police and other government agencies. In the last few days, the district police has raided three godowns in the areas of Namkum, Sadar police station and other areas, and recovered 7.6 ton of stolen Tata Steel rebars.

The godown manager concerned and the truck drivers have been arrested after an FIR was lodged, the release said, adding, such raids would continue by the police to bring the criminals to justice.

First Published: Tuesday, November 07, 2017 02:28 AM
For all the latest Business News Download the News Nation App available on Android and iOS.