Nearly five days after the Income Tax Department began their major search and raid operation on the premises of the road contract firm SPK group, patronaged by AIADMK bigwigs and its business partners, the investigators on Friday disclosed that the firm had admitted to having undisclosed income of Rs 450 crore.

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Chennai:

I-T officials said that a total of Rs 182.99 crore cash, 101 kg gold biscuits and two kg of gold jewels were seized from various places during the raids. The taxmen had seized huge amount of cash from parked luxury vehicles. Cash was also seized from a dumping room of the Highway Department under the Anna fly over.

SPK Group, one of the major road contractors in the state, has its offices and other establishments in Chennai, Madurai and Aruppukottai. It is believed that SPK Group’s S Nagarajan was jointly doing business with father-in-law of chief minister Edappadi Palaniswami’s son. It may also be noted that the chief minister holds the Highway Department portfolio.

After raiding and unearthing Rs 1350 crore worth tax evasion by a firm engaged in supplying egg and pulses for noon meal programme in government schools last week, SPK group was second contract firm from the state coming under the scanner of I-T Department in two weeks’ time.