‘Operation clean money’ in last leg

“We hoped it would get over on Sunday. But in a few places the searches are still going on,” an I-T official said late on Sunday evening. Sources said that a locker, which was left unopened earlier in Jaya TV premises, was opened on Sunday afternoon. The documents found in the locker needed much scrutiny and verification beside further interaction with the managing director of the channel. 

“The search is almost over. But we are now recording statements and verifying certain documents. Verifying documents may continue at Jaya TV and Midas on Monday as well. We have come across a lot of foreign investments by shell companies managed by the Mannargudi clan,” sources said.

Though the Income-Tax department has so far not yet officially revealed anything about the seizures, it is believed that during the searches the investigators had come across deals worth more than Rs 1,500 crore in cash, in addition to another Rs 5.5 crore and 15 kg gold. The department had also asked the banks to freeze 51 bank accounts belonging to the people and firms who had come under the scanner. 

Raids were carried out in 193 locations, including Chennai, Bengaluru, Hyderabad and New Delhi by over 1,800 officials, on November 9. The allegations included suspicion of shell companies, dubious investments, suspicious fund flow and its transfers and fudging of accounts.