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Tamil Nadu mega I-T raids unearth diamonds, gold, cash from graveyards

The Department Had Last Month Conducted Large-scale Raids On A Number Of Popular Eateries Of The State Including Saravana Bhawan Outlets.

News Nation Bureau | Edited By : Surabhi Pandey | Updated on: 08 Feb 2019, 03:19:46 PM
Tamil Nadu mega I-T raids unearth diamonds, gold, cash from graveyards to show Rs 433 crore unaccounted income

New Delhi:

In a major success against black money economy, the Income Tax officials have detected tax evasion to the tune of Rs 433 crore in Tamil Nadu. The massive operation, in which the I-T officials conducted raids at 72 locations across Tamil Nadu. Interestingly, the officials dug up several graveyards in the state to discover gold, diamonds and cash. According to latest media reports, the I-T officials seized 626 carats of diamonds, 12 kg of gold and Rs 25 crore in cash from the graveyards. G Square Realtors Private Limited and Lotus Ventures and Infrabuild Private Limited are the main companies that had underreported their income.

According to The News Minute report, these companies used a rigged accounting software to underreport their income. 120 teams with 800 officials conducted the mega raids. Lotus group has also carried out land consolidation for some big companies. According to the Ministry of Corporate Affairs, both firms were incorporated in 2012.

The Income Tax Department had launched searches at 74 places in Tamil Nadu in connection with a tax evasion probe against some real estate groups and a retail store chain in the state, officials said.

They said the raids are being carried out in state capital Chennai and two places in Coimbatore against two realty groups and premises of retail chain Saravana stores, they said.

The premises of Saravana group business owner Yogirathinam Pondurai are also being covered as part of the action, they said.

A total of 74 places are being covered as part of the raids and a team of 70 tax officials are undertaking the operation with police assistance, they added.

The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets.

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First Published : 08 Feb 2019, 02:44:15 PM