Raids at 40 places in Chennai, Rs 55 crore seized

Chennai: Close to Rs 55 crore unaccounted cash was seized by Income-Tax officials during the raids conducted at various offices of Balaji Group in city.

According to sources, the raids which began yesterday continued for the second day today and were held in 40 places including the company’s head office at Habibullah Road in T Nagar and liquor brewing factory, Enrico Enterprises Pvt Ltd in Poonamallee.

It is said several documents were also seized during the searches. The raids were conducted after the company’s suspected connection with a businessman and two South Korean nationals who were arrested in possession of hawala money worth Rs 11.12 crore and 7 kg of gold at a hotel in Mylapore on 30 November.

The businessman admitted that the gold was smuggled from Hong Kong into India by the Korean nationals. Following this, DRI conducted raids at the house and textile shops of the businessman and seized 1 kg of gold along with cash worth Rs 11.16 crore.

Two assistants of the businessman, who were also allegedly involved in the smuggling of gold, were arrested.

NT Bureau