Ahead of Tamil Nadu Assembly polls, IT raids yield Rs 11.50 cr unaccounted cash

The raids were conducted at Anitha Healthcare and Anitha Texcot India Private Limited at Tiruppur, Dharampuram and Chennai. 

The searches revealed that the group is engaged in the practice of suppressing profit by inflating purchases and other expenses. 

The unaccounted income so far generated was utilised for making investments in land and in the expansion of business. 

The search has resulted in the seizure of unaccounted cash of Rs 11.50 crore and the total for unaccounted income detected so far is Rs 80 crore. 

The Group is said to be belonged to Makkal Needhi Maiam (MNM) Treasurer Chandrasekaran. 

The Business group was engaged in yarn trading and supply of PPE kits, bags and baby care kits to various state governments. 

An Income-Tax release said seizure of large unaccounted cash will reduce the possibility of its utilisation for electoral purposes and will aid the objective of free and fair poll in the State.  Further investigations are in progress. 

Reacting to the raids, MNM Founder and actor-politician Kamal Haasan said the Income Tax raid at the premises of his party treasurer Chandrasekaran was a raid on an individual.  This had nothing to do with the MNM and there shouldn't be a trial by media.  There would be action against Chandrasekaran if he was guilty and until then, he was innocent, he added. 

The IT release also said raids were also conducted at five premises in Chennai. They belonged to five entities, who, in addition to their regular business, are also acting as cash handlers. 

The raids resulted in a seizure of Rs 5.32 crore cash.