CHENNAI: The source of revenue tax searches on Chennai-based SPK and Co, an organization thinking about highway contract work for Tamil Nadu state highways department, has yielded 170 crore in money and 105 kg of gold until Tuesday night, stated a senior official in the I-T investigation wing.
While searches on maximum places owned by means of Nagarajan Seyyadurai, the founding father of the company, and his close mates and workers had been finished about 38 hours after it began, I-T officers have shifted their focus to a jeweller in the city who allegedly helped Seyyadurai convert money into gold adorns and bars. The sleuths additionally visited some banks, both nationalised and private, in Chennai and Madurai to check the transactions of Seyyadurai's companies. Many accounts that witnessed high-value transactions have been recognized for detailed scrutiny, stated the official.
‘Seyyadurai had shown just a minuscule part of his source of revenue’
After the searches on highprofile sand contractor Sekhar Reddy following demonetisation, this is the absolute best seizure all the way through I-T searches in Tamil Nadu.
“Seyyadurai had shown just a minuscule part of his exact source of revenue while submitting tax returns. After learning the seized paperwork and electronic recordsdata, we will summon Seyyadurai for questioning,” stated the official.
In a observation, the I-T investigation directorate stated two BMW vehicles had been utilized by the companies to hide the cash and gold. “The primary company is engaged in civil construction work, mainly highways and bridges. Its sister considerations are engaged in the companies of resort, blue metal and toll techniques,” stated the observation.
From Seyyadurai’s house, the sleuths seized handiest Rs 24 lakh in money, the observation stated. The ultimate money and gold had been seized from 10 other places belonging to his workers and associates, the observation stated.
“Apart from the unaccounted assets, a number of paperwork in the form of free sheets, diaries and registers, pc onerous discs and two BMW vehicles had been additionally seized. He has now not handiest admitted the undisclosed assets, but in addition defined the modus operandi of era and acquisition of those assets by means of inflating his sub-contract expenses and labour bills,” stated the observation.
DMK working president M Ok Stalin, while welcoming the I-T searches on SPK and Co, stated its promoters had been intently associated with the political executives in the state. Only a detailed probe into the gentle process would carry out the truth, he stated in a observation. He often known as for scrapping all of the tenders awarded by means of the state executive to Seyyadurai’s companies.
The AIADMK on Tuesday hit out at the opposition events for sporting out what it termed a “smear marketing campaign” towards its birthday party leaders.
“The false propaganda towards the birthday party and the federal government is condemnable,” senior minister D Jayakumar stated. Accusing the DMK of indulging in clinical corruption, Jayakumar stated the contractors underneath the I-T scanner had taken contracts price over ₹10,000 crore all the way through the previous DMK regime.
While searches on maximum places owned by means of Nagarajan Seyyadurai, the founding father of the company, and his close mates and workers had been finished about 38 hours after it began, I-T officers have shifted their focus to a jeweller in the city who allegedly helped Seyyadurai convert money into gold adorns and bars. The sleuths additionally visited some banks, both nationalised and private, in Chennai and Madurai to check the transactions of Seyyadurai's companies. Many accounts that witnessed high-value transactions have been recognized for detailed scrutiny, stated the official.
‘Seyyadurai had shown just a minuscule part of his source of revenue’
After the searches on highprofile sand contractor Sekhar Reddy following demonetisation, this is the absolute best seizure all the way through I-T searches in Tamil Nadu.
“Seyyadurai had shown just a minuscule part of his exact source of revenue while submitting tax returns. After learning the seized paperwork and electronic recordsdata, we will summon Seyyadurai for questioning,” stated the official.
In a observation, the I-T investigation directorate stated two BMW vehicles had been utilized by the companies to hide the cash and gold. “The primary company is engaged in civil construction work, mainly highways and bridges. Its sister considerations are engaged in the companies of resort, blue metal and toll techniques,” stated the observation.
From Seyyadurai’s house, the sleuths seized handiest Rs 24 lakh in money, the observation stated. The ultimate money and gold had been seized from 10 other places belonging to his workers and associates, the observation stated.
“Apart from the unaccounted assets, a number of paperwork in the form of free sheets, diaries and registers, pc onerous discs and two BMW vehicles had been additionally seized. He has now not handiest admitted the undisclosed assets, but in addition defined the modus operandi of era and acquisition of those assets by means of inflating his sub-contract expenses and labour bills,” stated the observation.
DMK working president M Ok Stalin, while welcoming the I-T searches on SPK and Co, stated its promoters had been intently associated with the political executives in the state. Only a detailed probe into the gentle process would carry out the truth, he stated in a observation. He often known as for scrapping all of the tenders awarded by means of the state executive to Seyyadurai’s companies.
The AIADMK on Tuesday hit out at the opposition events for sporting out what it termed a “smear marketing campaign” towards its birthday party leaders.
“The false propaganda towards the birthday party and the federal government is condemnable,” senior minister D Jayakumar stated. Accusing the DMK of indulging in clinical corruption, Jayakumar stated the contractors underneath the I-T scanner had taken contracts price over ₹10,000 crore all the way through the previous DMK regime.
TN I-T search: Cash stash touches Rs 170 crore
![TN I-T search: Cash stash touches Rs 170 crore]()
Reviewed by Kailash
on
July 19, 2018
Rating:
