Quick Summary
The Income Tax Department carried out search and seizure operations on 23.09.2021 on two private Syndicate Financing groups based in Chennai. The search operation was carried out at 35 premises located in Chennai. The evidence found in the premises of the financiers and their associates revealed that these groups have lent to various big corporate houses and businesses in Tamil Nadu, a substantial portion of which is in cash. During the search, it was detected that they are charging high rate
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FAQ :
The search and seizure operations were carried out on 23.09.2021.
The searches were conducted on two private Syndicate Financing groups based in Chennai, at 35 premises in the city.
The searches revealed that the groups lent substantial amounts, often in cash, to big corporate houses and businesses in Tamil Nadu, charging high interest rates, a part of which was not offered to tax. They also received interest payments in dummy bank accounts and disguised unaccounted monies as unsecured loans or sundry creditors.
The searches have resulted in the detection of undisclosed income exceeding Rs. 300 crore.
Yes, unaccounted cash of Rs. 9 crore has been seized so far.
No, further investigations are currently in progress.
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