Rs 100-cr cash, 90-kg bullion recovered after I-T raids on Tamil Nadu contracting firm
Chennai, July 16: The Income Tax Department on Monday recovered Rs 100-crore cash and about 90-kg bullion after raids at multiple premises of a road construction firm in Tamil Nadu, officials said.
The searches were launched on the premises of Ms SPK and Company, a partnership firm engaged in road and highway construction, on contract from the government.
"About Rs 100 crore cash, which is suspected to be unaccounted, and bullion and gold jewellery weighing about 90 kg has been recovered so far. The raids are still on," a senior official said in Chennai.
The Chennai investigation wing of the department is conducting the operation.
The raids were conducted after the department found "evidence of suspected tax evasion by the firm and its associates", who also have political links, he said.
A total of 22 premises -- 17 in Chennai, four in Aruppukottai (Virudhunagar district) and one in Katpadi (Vellore) -- are being raided, the officials said.
The cash was kept in big travel bags and in parked cars, and dozens of gold biscuits have been recovered till now, they said.
The searches are expected to continue for another day, they said.