Chennai14 minutes ago
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The Enforcement Directorate (ED) in Tamil Nadu on Monday raided several locations linked to the Chettinad Group in Chennai under the Money Laundering Act. Earlier in December 2020, Income Tax had taken action on about 60 premises in Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra associated with the company. At that time tax evasion of more than Rs 700 crore was claimed.
IT officials had issued a statement in this matter saying that unaccounted cash of Rs 23 crore was found during the search operation. According to media reports, this group, about 100 years old, has business in many areas of cement manufacturing, logistics, construction.
This picture is from December 2020, when the Income Tax raided the premises of the Chettinad Group.
Foreign assets worth Rs 110 crore were also detected.
The statement claimed that the officials had also unearthed documents related to foreign assets worth Rs 110 crore in the form of fixed deposits during the raids. No information about this was given in the Income Tax Return and action was taken under the Black Money Act.
Income tax raid on real estate company G Square in Tamil Nadu
On the other hand, in Tamil Nadu, the Income Tax Department (IT) is conducting search operations at several locations of real estate private company G Square since Monday morning. Raids are being conducted in Coimbatore and Trichy apart from Chennai. Searches are being conducted at more than 50 locations of the company.
IT officials have also reached the house of DMK MLA MK Mohan’s son, due to which party workers started protesting outside the house. Actually, DMK MLA’s son has shares of G Square Company.