IT Raid: Raids on two groups in Tamil Nadu, 150 crore black money seized

The Income Tax Department seized black money worth Rs 150 crore by raiding the real estate and rail and road construction contract company of Tamil Nadu. According to a CBDT official, on July 20 in Madurai and Chennai in the state, department officials conducted a search operation at around 30 places belonging to these two groups.

During this, more than 14 crores of cash, 10 crores of gold and jewelery department were sealed. Investigation revealed that the real estate conglomerate had taken a huge amount of cash. The group had also put in place a software to keep track of such unaccounted transactions data. The department is questioning the owners of the groups in this matter.

According to the Central Board of Direct Taxes (CBDT), a group is engaged in the real estate business. The second group takes up contracts for rail and road construction. Undisclosed cash worth Rs 14 crore and gold and jewelery worth Rs 10 crore were seized during raids conducted at around 30 premises of both the groups in Madurai and Chennai on July 20.

The CBDT has not disclosed the names of both the groups. The CBDT said in a statement that the evidence obtained from the group engaged in the business of real estate has revealed that it is involved in large-scale tax evasion. At the same time, the investigation of the second group that took the construction contract revealed that it used to evade tax by showing fake sub-contracting expenses and purchase of raw materials at high prices.

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The Income Tax Department seized black money worth Rs 150 crore by raiding the real estate and rail and road construction contract company of Tamil Nadu. According to a CBDT official, on July 20 in Madurai and Chennai in the state, department officials conducted a search operation at around 30 places belonging to these two groups.

During this, more than 14 crores of cash, 10 crores of gold and jewelery department were sealed. Investigation revealed that the real estate conglomerate had taken a huge amount of cash. The group had also put in place a software to keep track of such unaccounted transactions data. The department is questioning the owners of the groups in this matter.

According to the Central Board of Direct Taxes (CBDT), a group is engaged in the real estate business. The second group takes up contracts for rail and road construction. Undisclosed cash worth Rs 14 crore and gold and jewelery worth Rs 10 crore were seized during raids conducted at around 30 premises of both the groups in Madurai and Chennai on July 20.

The CBDT has not disclosed the names of both the groups. The CBDT said in a statement that the evidence obtained from the group engaged in the business of real estate has revealed that it is involved in large-scale tax evasion. At the same time, the investigation of the second group that took the construction contract revealed that it used to evade tax by showing fake sub-contracting expenses and purchase of raw materials at high prices.