India News | IT Dept Detects Rs 250 Crore Unaccounted Cash Transactions After Raids on Neyveli Based Group
Get latest articles and stories on India at LatestLY. The Income Tax department detected unaccounted cash transactions of Rs 250 crore and seized Rs 12 crore cash after it raided a group based in Tamil Nadu's industrial town of Neyveli engaged in the business of chit funds which also runs educational institutions, the CBDT said on Tuesday.
New Delhi, Dec 21 (PTI) The Income Tax department detected unaccounted cash transactions of Rs 250 crore and seized Rs 12 crore cash after it raided a group based in Tamil Nadu's industrial town of Neyveli engaged in the business of chit funds which also runs educational institutions, the CBDT said on Tuesday.
The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business, in Neyveli (Cuddalore district), Coimbatore, Nilgiris and Chennai were covered.
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"...a remotely located cloud server containing parallel set of books of account secretly maintained by key persons of the group has been unearthed," the Central Board of Direct Taxes (CBDT) said in a statement.
The preliminary analysis of the seized digital evidences, the policy-making body for the tax department said, shows details of unaccounted money generated through "under-reporting of income from chit fund business and deposits received in cash from various parties".
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It said unaccounted money, so generated, has been utilised to make cash payments for investments in real estate business.
"Prima facie analysis indicates the quantum of unaccounted cash transactions in immovable properties to be to the tune of Rs 250 crore," the statement said.
It added that Rs 12 crore "unaccounted" cash was also seized.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)