Tamil Nadu: The Income Tax team found Black Money of more than Rs 250 crores in Raid
Chennai: The Income Tax department’s team (Tamil Nadu) on Sunday found black money of more than rupees 250 crores during searches at two business groups.
According to the Central Board of Direct Taxes (CBDT), the searches were conducted at 34 locations in Kanchipuram, Vellore, and Chennai on October 5.
The CBDT said that “The group had allegedly earned unaccounted income through commission and dividends. The group engaged in the business of chit fund was running an unauthorized business and all the investments and payouts of more than Rupees 400 crore in the last few years were done entirely in cash.”
“The group had also earned unaccounted interest income from cash financing and had huge unaccounted investments and expenses and numerous promissory notes, signed post-dated cheques and power of attorney documents kept as collateral for the loans given or from chit subscribers have also been seized,” CBDT added.
Unaccounted cash worth ₹ 1.35 crore and 7.5 kg gold jewelry was seized, and an undisclosed income of more than ₹ 150 crores was detected, the statement said.
The CBDT said, “the group members used to incur huge cash expenses on lavish lifestyles, give/ repay cash loans, make chit fund investments, etc.”
(_Vinayak Barot)
