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Income Tax Dept. unearths Rs 262 crore in black money from chit funds firm in Tamil Nadu

IT Dept. unearths Rs 262 crore in black money from chit funds firm in Tamil Nadu.

The Income Tax Department has unearthed a black money trail to the tune of Rs 262 crore in a search and seizure operation on a Neyveli- based group engaged in the business of chit funds, finance and real estate, according to a finance ministry statement.

Prima facie analysis indicates the quantum of unaccounted cash transactions in real estate by the Tamil Nadu company to be over Rs. 250 crore.

The search action carried out December 16 has also led to the seizure of unaccounted cash of more than Rs 12 crore. As many as 30 premises in Neyveli, Chennai, Coimbatore and Nilgiris in Tamil Nadu were covered in the search. 

The preliminary analysis of digital and documentary evidence clearly reveals the details of unaccounted money generated through under-reporting of income from chit fund business and deposits received in cash from various parties.

The group also runs educational institutions through its trusts.

During the course of the search operations, a remotely located cloud server containing a parallel set of books of account secretly maintained by key persons of the group has been unearthed.

Further investigations are still in progress.

Also read:  Income Tax Dept. detects Rs 300 crore black cash in raid on steel mills group