Searches at Saravana Stores Bramandamai: Income tax dept reveals details of seizures
B Sivakumar | TNN | Feb 7, 2019, 14:52 IST
CHENNAI: The income tax department has found a total of Rs 433 crore unaccounted money and seized Rs 25 crore in cash, 12kg gold and 626 carats diamonds during nine days of searches on the premises of Saravana Stores Bramandamai, GSquare and Lotus Company and residences of their owners in Chennai and Coimbatore.
The searches began in 72 places in both the cities on January 29 and concluded on February 6.
Sources said the department had found dealings of Saravana Stores Bramandamai owner Yogarathinam Ponduari with the two realty companies (GSquare and Lotus Company). Unaccounted money was invested by Pondurai in these companies, a senior I-T investigation wing official said.
“We had information about tax evasion by the two companies as well as Saravana Stores. We had to search all the floors of multi-storey Saravana Stores buildings. That is why it took so many days to complete the searches,” said the official.
In the coming days, Pondurai and the owners of the two companies would be summoned for questioning, he said.
The searches began in 72 places in both the cities on January 29 and concluded on February 6.
Sources said the department had found dealings of Saravana Stores Bramandamai owner Yogarathinam Ponduari with the two realty companies (GSquare and Lotus Company). Unaccounted money was invested by Pondurai in these companies, a senior I-T investigation wing official said.
“We had information about tax evasion by the two companies as well as Saravana Stores. We had to search all the floors of multi-storey Saravana Stores buildings. That is why it took so many days to complete the searches,” said the official.
In the coming days, Pondurai and the owners of the two companies would be summoned for questioning, he said.
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