Chennai: Unaccounted money worth Rs 1,000 crore seized in Income Tax raid

Thiruvananthapuram, dated 8 November 2020, Sunday

The Income-tax department has raided a Chennai-based IT infrastructure group and seized Rs 1,000 crore in black money.

After raids at five places in Tamil Nadu, including Madurai and Chennai, income tax teams have claimed that Rs 1,000 crore was involved in the raids, which is an unaccounted for amount.

According to officials, evidence of suspicious investments of a Singapore-registered company was found during the raid. The other two companies are also shareholders in the IT infrastructure group. The rest of the shares are held by another company and its investment is high. In this way, a profit of about S કરોડ 70 million has been made.