The Income Tax Department raided several locations of two business groups in Chennai. More than Rs 500 crore has been recovered in that operation. According to sources, both the business groups are known to be very close to the top leadership of the opposition AIADMK in Tamil Nadu.
The Income Tax Department said on Tuesday that on July 8, raids were conducted at more than 40 places including Chennai, Coimbatore and Madurai. The statement did not say whether money was confiscated from the two trading groups. However, officials on condition of anonymity said that the Income Tax Department has taken action against Seydurai and Chandrashekhar. Both the companies are involved in the real estate, advertising business. Meanwhile, this is the second time the Income Tax Department has come under its grip.