An Income Tax (I-T) search and seizure operation last week against a Neyveli-based group, engaged in the business of chit funds, finance and real estate, has fetched more than ₹12 crore in unaccounted cash.
The tax officials have also found unaccounted cash transactions in immovable properties to the tune of ₹250 crore.
This particular group also runs educational institutions through its trusts. The search covered around 30 premises located at various places such as Neyveli, Chennai, Coimbatore and the Nilgiris.
Cloud server unearthed
According to a statement issued by the official spokesperson of the Central Board of Direct Taxes, during the course of the search, a secretly maintained and remotely located cloud server containing a parallel set of books of accounts was unearthed.
Documentary and digital evidence has also been seized. The preliminary analysis of the digital and other evidence reveals the details of unaccounted money generated through under-reporting of income from the chit fund business and deposits received in cash from various parties.
The evidence indicates that the unaccounted money has been utilised to make ‘on-money’ payments for real estate investments. Further investigations are in progress.
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