Quick Summary
On 25-02-2020, the Income Tax Department conducted a search in the case of a prominent business group based in Chennai dealing in the business of non-ferrous metal processing in lead, copper and aluminium and Money Lending activities. The group is said to have reported a turnover of more than a thousand crore and engaged in a number of businesses such as plastic manufacture and financing activities. The highlight of the search is the discovery of hidden cloud servers other than the server
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FAQ :
The Income Tax Department conducted the search on 25-02-2020.
The prominent business group is involved in non-ferrous metal processing (lead, copper, aluminium) and money lending, with other ventures including plastic manufacture and financing.
The main highlight was the discovery of hidden cloud servers, separate from their regular accounting servers, which contained details of unaccounted transactions referred to as 'kaccha' accounts.
A large amount of encrypted data was retrieved from a pen drive obtained from a third-party premise, which was later decrypted to reveal information about accumulated unaccounted capital.
The search action resulted in the detection of unaccounted income exceeding Rs. 400 crore.
Yes, Rs. 1 crore in cash was seized during the search.
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