The Income Tax (IT) department has seized over Rs.13.80 crore during raids that it conducted at PSK Engineering Construction company on Friday.
A senior Income Tax official from the investigations wing, said, “In today’s searches, we have seized unaccounted cash of Rs.14.54 crore (major portion of Rs.13.80 crore from four premises belonging to PSK Engineering Construction Company).” The official said that apart from cash, several incriminating documents and accounts with details of generation of unaccounted money by inflation of expenditure, payments made to influential persons and also unaccounted capital introduced were also seized.
In the case of Sujai Reddy, an amount of Rs.18 lakh in unaccounted cash has been seized. “Evidence of investment of Rs.16 crore in a Malaysian company by Sujai Reddy was found which was not disclosed in Schedule FA of his IT return,” the official said. Income Tax officials conducted searches at the office and residential premises PSK Constructions in Namakkal and 11 other places in the State on Friday.
The firm is owned by P.S.K. Periasamy, who had executed major government infrastructural projects in the State, including construction of the Namakkal District Collectorate.
In Namakkal, the searches began early on Friday at Nadukombai. Officials also conducted searches at the residence of one of Periasamy’s relatives on the Salem-Namakkal road and the premises of a private college and a textile mill in which Mr. Periasamy is believed to have stakes.