Quick Summary
The Income Tax Department carried out searches on 11.03.2021 in the case of a group of individuals who are involved in handling huge amount of cash and routing unaccounted money through foreign entities and bank accounts of their related concerns. The search operation was carried out at 20 premises located in Chennai, Coimbatore, Salem, Virudhunagar and Theni. The evidences found in the searched premises revealed that cash deposits of more than Rs. 100 crore were made through various entities
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FAQ :
The searches have resulted in the detection of undisclosed income of around Rs 400 crore.
The search operations were conducted at 20 premises located in Chennai, Coimbatore, Salem, Virudhunagar, and Theni.
Methods included fabricating agricultural commodity sales, manipulating turnover for bank loans, sham debenture issues from foreign entities, and over-invoicing imports.
Unaccounted cash of Rs 50 lakh, jewellery worth Rs 3 crore, and 9 luxury vehicles worth Rs 12.5 crore have been seized so far.
Yes, evidence of undisclosed foreign bank accounts, foreign credit cards, and investments in foreign entities was found.
Relevant investigations under the Black Money Act will be carried out, and further investigations are in progress.
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