I-T department raids city jeweller, civil contractors

Sources said taxmen were scrutinising the business group’s funding for procurement of gold and also checking the books to understand the possible tax evasion, but added that the raids have no connection to the election.

Meanwhile, the department said in a press release that it raised 18 premises, mainly in Madurai and Ramanathapuram, belonging to two groups of civil contractors.

During the operation on Wednesday, officials found unaccounted cash of Rs 3 crore and detected unaccounted income of Rs 175 crore, it said.

More than 100 subcontractors were introduced to book expenses to meet illegal payments.

They had filed returns of income from the same IP address, and for the first time ever, showing only this receipt as their sole income.