The Income-Tax Department on Wednesday conducted raids at multiple locations of the Chennai-based Chettinad group in connection with a tax evasion probe. With the raids still on, over Rs 7 crore "unaccounted" cash has reportedly been recovered from "a key person”. Confirming the raid, an official identified it as the Chettinad group during the day. Later, they also added that Singapore-based accounts too were being probed.
The department on its official Twitter handle said the action was being undertaken against a prominent business group of Chennai having varied business activities. The I-T Department put out a tweet on its official page, which said, “The I-T Department is conducting search operations on a prominent business group of Chennai, having varied business activities. About 60 premises are being covered across Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra. More than Rs. 7 crore of unaccounted cash has been found from key persons so far. The search is still in progress.”
ITDeptt is conducting search operation on prominent business group of Chennai having varied business activities. About 60 premises being covered across TN,Karnataka,AP &Maharashtra.— Income Tax India (@IncomeTaxIndia) December 9, 2020
More than Rs.7crore of unaccounted cash found from key person so far. Search is still in progress. pic.twitter.com/5IuP0cg62b
When asked what led to the search, an official told reports that it was only a routine tax evasion check. The raids were being conducted at both business and residential premises of the group’s members and is likely to continue for the next couple of days.
The searches started on Wednesday morning involving over 400 officials and 67 locations across Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra, including 52 places in Chennai.
Founded by Annamalai Cheiityar in 1912, MAMR Muthiah is Chettinad Group’s present Managing Director. Chettinad group that is about 100 years old, headquartered in Chennai, has interests in several businesses like healthcare, construction, cement, power, textile and others with an annual turn-over of Rs.4,000 crores, according to its website.
Notably in 2015, when the group went through a succession within the family, raids were held at its premises.