The searches were being held in cities including Karur and Coimbatore, at the premises of individuals allegedly linked to Tamil Nadu Minister V Senthil Balaji.
The Income Tax department on Friday carried out raids at around 40 locations across Tamil Nadu linked to the State Electricity Minister V Senthil Balaji, ANI reported citing sources.
DMK, G Square have denied charges of links, but for many in state, I-T raids on the real estate firm have parallels to those on a mining baron 6 yrs ago alleged to have AIADMK ties
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Rs 1,000 cr black income detected after raids at Tamil Nadu jewellery, bullion group
The Income Tax department carried out searches in the case of two Chennai based groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The search operation was carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore, on March 4.Â
The evidence found in the premises of the bullion trader revealed that there were unaccounted cash sales; bogus cash credits from its branches; cash credits in dummy accounts in the guise of advance for purchases; unexplained cash deposits during the demonetization period; bogus outstanding sundry creditors; and huge unexplained stock variations.