CHENNAI: On the second day of searches carried out at nearly 40 properties associated with Balaji Group companies and its promoters across Chennai and Tiruvallur districts, the income tax investigation wing has seized crores of rupees, said a senior I-T official. However, there was no official confirmation yet on the quantum of seizure.
The group has business interests in distillery, textiles, granite, entertainment and chit funds in TN and
Andhra Pradesh. “I-T received information about the group after the Directorate of Revenue Intelligence arrested a Chennaibased businessman, his two associates and two South Koreans for smuggling gold into the country,” the source said.
I-T search unearths details of shell cos
Seven kg gold and ₹11.16 crore in cash were seized from the three Indians by DRI sleuths in the operation. The two Koreans had smuggled the gold bars with foreign markings into India from Hong Kong.
As a follow up to the DRI raids, I-T started searches at the head office of the group in T Nagar and its establishments in Tiruvallur district on Friday. “We found cash and documents showing investments by the company. The searches continued throughout Friday night and it will continue on Sunday too,” said the official. The official said it would take a few days to collate details of the seizure. The I-T has unearthed details about many shell companies during the searches, the official said.
“We are searching some premises owned by the company in Nellore district of Andhra Pradesh,” he added.
The group has business interests in distillery, textiles, granite, entertainment and chit funds in TN and
Andhra Pradesh. “I-T received information about the group after the Directorate of Revenue Intelligence arrested a Chennaibased businessman, his two associates and two South Koreans for smuggling gold into the country,” the source said.
I-T search unearths details of shell cos
Seven kg gold and ₹11.16 crore in cash were seized from the three Indians by DRI sleuths in the operation. The two Koreans had smuggled the gold bars with foreign markings into India from Hong Kong.
As a follow up to the DRI raids, I-T started searches at the head office of the group in T Nagar and its establishments in Tiruvallur district on Friday. “We found cash and documents showing investments by the company. The searches continued throughout Friday night and it will continue on Sunday too,” said the official. The official said it would take a few days to collate details of the seizure. The I-T has unearthed details about many shell companies during the searches, the official said.
“We are searching some premises owned by the company in Nellore district of Andhra Pradesh,” he added.
No comments:
Post a Comment