As many as 90 Income-Tax sleuths were engaged in the searches from the morning at the business establishments owned by Gandhi group, which has interests in textile and gold among other businesses.
According to officials, the department had information about possible tax evasion by the group, run by a Gujarati family. Searches were carried out at 23 offices and houses linked to the group in Sowcarpet, T Nagar, Vepery and Pallavaram during the day. Sources said Rs 7.5 crore cash and 15 kg of gold worth nearly Rs 4 crore were seized during the searches.
Apart from the offices of the business group, officials also searched the house of noted cardiologist attached to a corporate hospital. An Income Tax official said it was because of his business interest in activities of non-banking financing by the business group. It is believed that the doctor was parking his funds in the high interest lending business of the group.
Police security was provided at all places where the searches took place.
“The gold and cash were seized from different locations.
A lot of documents, which need scrutiny, were also seized during the operation,” sources said.
Some of the places which came under I-T scanner were Gandhi Hosiery in Sowcarpet, Jain Textiles and some of their jewellery outlets. Searches may continue on Saturday as well, sources added.