IT raid on 40 premises of popular beedi company

IT sleuths raided the premises of Seyadu Group of Companies and houses of their owners in different parts of the state, including Madurai, Tirunelveli, Tiruchy and Coimbatore. It is said that IT department got inputs about the misappropriation of funds in the firm, based on which the raid was carried out. 

In Chennai, searches went on at branch offices of Seyadu Beedi Company, Seyadu Shariat Finance, Seyadu Home Industries Limited and Seyadu Trading Company on Bells Road, Kilpauk, since 7 am on Wednesday. The raid was also conducted on the house of Yousuf Meeran, one of the owners, at Madrasapattinam apartments in R A Puram. In total, 20 IT personnel guarded by CRPF men had been conducting searches on both premises.

At two places in Kovai 

The sleuths conducted raids on the premises of Seyadu Beedi Company at two places in Coimbatore city on Wednesday. It is learnt that a few records and documents were taken in possession for further verification and inquiries against the allegation of tax evasion by the firm, as received by the IT department. 

Two teams comprising 12 personnel from the IT department in Coimbatore simultaneously conducted the raids on the firm’s branch office near Gandhi Park in RS Puram and its godown cum office at Aathupalam near Ukkadam. The raids that began around 7 am continued till the afternoon, during which the firm’s staffs were also quizzed. 

The 60-year-old Seyadu Beedi Company was founded by T E Seyadu Raowther as a family business originally in Sri Lanka and later in Sindupoondurai, Tirunelveli. The other firms of the group include Syed Cotton Mills Ltd, Syed Spinning Mills, Seyadu Residential School, Faywalk Fashion and Syed Home Publishers.