Chennai: Income Tax Officials conducting a search in a private Chit Fund company run by a Neyeli-based group, and his director’s residence on December 16, has confiscated cash countless 12 crores.
The release of the I-T department has claimed that the Prima Facie analysis shows that the company has used countless cash transactions in a 250 crore immovable properties.
RAID was carried out in 30 places throughout the state including in Neyveli, Chennai, Coimbatore, Nilgiris and other places, where the company also carried out several educational institutions through its beliefs.
During search operations, the cloud server located distance which contains a parallel set of account books secretly managed by key people from the group excavated.
In addition, documentary and digital evidence seized, the release said.