Chennai: The Department of Income Tax has confiscated RS 9 CRORE money that is countless from two private syndication financing groups in Chennai.
The department detects income which is not disclosed more than Rs 300 Crore during search in 35 places of these groups on September 23, official release said on Saturday.
It was said that the evidence found at the location of the investors and their colleagues had revealed that these groups had lended to various large corporate houses and businesses in Tamil Nadu, mostly cash.
The company wore a high interest rate, some of which were not offered for taxes.
The modus operandi adopted by groups revealed that most interest payments by the borrower had been received in the Dummy bank account and the same had not been disclosed for tax purposes.
Furthermore, countless money was disguised and brought to group account books as a loan without collateral, solar credit and a similar head.
Other evidence found during the search revealed that many property investments were kept secret and other income oppression by these groups.
Further investigation is underway, said the release.