Lagatar24 Desk
New Delhi, Dec 21: The Income Tax Department carried out a search operation on a Neyveli based group in Tamil Nadu, engaged in the business of chit funds, finance and real estate. As per an official release, on December 16 the department conducted the search operation.
The search operation was conducted in around 30 premises of the company located at various places like Neyveli, Chennai, Coimbatore, Nilgiris, etc. More than Rs 12 crore of unaccounted cash of was seized during the search operation. Interestingly, the involved group also runs educational institutions through its trusts.
Various documentary and digital evidence have also been seized during the operation. The preliminary analysis of this digital evidence and other related evidence reveals the details of unaccounted money generated through under-reporting of income from chit fund business and deposits received in cash from various parties.
It was also found that the unaccounted money, has been utilized to make ‘on-money’ payments for investments in the real estate business. Analysis based on the present evidences indicates the quantum of unaccounted cash transactions in immovable properties to be to the tune of Rs 250 crore, read the release.
Further investigations and more details are awaited.
