Owner of textile, jewellery showrooms comes under IT net

Chennai, Jan 24 (UNI) Income-Tax officials today conducted raids on the premises of Jeyachandran textile and jewellery showrooms in the city, acting on reports that the owner had accumulated wealth disproportionate to his known sources of income.

IT sources told UNI that the raids, which began in the morning, were continuing.

More than 200 IT officials, spread over three to four teams, were involved in the raids.

The officials conducted the raids at the residence of the owner and his family members also.

The IT officials, quoting preliminary estimates, said cash to the tune of Rs 37 lakhs and several incriminating documents were seized during the raids.

Both the textile shop, which used the draw huge crowds, and the jewellery showroom downed shutters for the day.

UNI GV VV AM AS1636