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Tamilnadu: IT department raids 15 targets of a group, earning a benami of 700 crores

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Chennai. The Income Tax Department in Tamilnadu has taken major action on Thursday. The Finance Ministry informed that the Income Tax Department raided a group of 15 locations in Chennai and Erode (IT Raid). According to the information, the department had received benami cash of 21 crore rupees in this action, which has been confiscated later. The group is a large civil contractor involved in government work.

The ministry said that this group works to build walls in the coastal areas to prevent sea waves. Apart from this, the group also has the job of bus transport, halls of weddings and eating spices. According to information received from the ministry, the cash found during the operation has been seized. The release issued after the action stated that “It has been learned that the group used to overstate the expenses and purchases of other contracts”.

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It has been said in the release that ‘such increased payments made to suppliers and subcontractors used to be returned as cash’. According to the release, this benami earning is about Rs 700 crore, which has been invested in real estate investment and expansion of business. The ministry said that apart from this, the group has confessed that it has so far had an undisclosed income of Rs 150 crore. He informed that the benami property worth 700 crore rupees has been found in total and an amount of 21 crore rupees has been seized during the search.

A few days ago, the Income Tax Department also took a raid at Chennai’s IT SEZ developer, its former director and a big steel supplier. In the search here, the department detected undisclosed income of 450 crores. This information was given by the Ministry of Finance. The department conducted the search at 16 locations in Chennai, Mumbai, Hyderabad and Cuddalore.

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