Chennai: The Income Tax department has conducted raids at various places in Madurai and Ramanathapuram and unearthed tax evasion to the tune of Rs 175 crore.
The sleuths seized cash of Rs 3 crore during the raids. Searches and surveys were conducted in 18 premises, mainly in Madurai and Ramanathapuram districts, the Department said.
“Based on intelligence inputs about the existence of cash, which is likely to be distributed for election purposes, searches were mounted on the business groups. The action resulted in the finding of unaccounted cash of Rs 3 crore which was seized,” officials said.
Income Tax department officials also carried out searches at around 25 premises belonging to a jewellery group across Tamilnadu, including Chennai, on Thursday in connection with suspected tax evasion.