According to sources, Vaikundarajan, the owner of VV Minerals continues to be inquired by officials. The I-T department has not disclosed details of the raids’ agenda which began on 24 October at 100 locations of VV Minerals across Tamilnadu.
Source said that the officials have ordered to freeze the 24 bank lockers and 30 bank accounts of VV Minerals group. Few days ago, the I-T team seized seven foreign investment document, Rs 7 crore and gold jewellery. Sources say, the company owners have not been cooperating with the investigators who are recording their statements.
One of the allegations being investigated by I-T sleuths is that the company was sending mineral sand from Tamilnadu to Srikakulam, Andhra Pradesh. From Vishakapatanam port it was being sent to foreign countries including Sri Lanka. Earlier, an I-T source had said that despite the State Government banned illegal sand mining from coastal areas in 2013, Vaikundarajans company had been doing it illegally.
The I-T investigators raided his corporate office at Pantheon Road, Egmore and another office at Thiruvanmiyur on the first day of the raid. There are also reports that unaccounted income is allegedly being pumped into his other business-like educational institutions and hotels.
Vaikundarajan operates Indias largest mining, manufacture and export of Garnet and Ilmenite with significant market share in Europe, Middle East, East Asia, Australia and the USA.
The group owns various industries such as textiles, food and agro, minerals including chemical and pigments. Vaikundarajan has investments in spinning mills, sugar mills, hotels, engineering colleges and some blue metal businesses.