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The Income Tax Department conducted searches on 05/10/2021 in two cases of Kanchipuram, one being a Chit Fund and Financing Group and the other a retailer of Silk Sarees and other garments. The search operations were carried out at 34 premises located in Kanchipuram, Chennai and Vellore. In the case of Chit Fund group, it was found that this group was running an unauthorised chit fund business, and all the investments and pay-outs of more than Rs. 400 crore, in the last few years, were done e
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FAQ :
The Income Tax Department conducted searches in Kanchipuram, Chennai, and Vellore.
The searches targeted a chit fund and financing group, and a retailer of silk sarees and other garments.
The undisclosed income detected in the chit fund group is more than Rs. 150 crore.
Unaccounted cash of Rs. 1.35 crore and gold jewellery of about 7.5 kg were seized, along with property documents and financial records.
The undisclosed income detected in the silk sarees and garments group is more than Rs. 100 crore.
Unaccounted cash of Rs. 44 lakh and gold jewellery of about 9.5 kg were seized.
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