Rs 250 cr illegal deal unearthed during raid on Neyveli-based group

Chennai

The Income Tax department has unearthed unaccounted cash transactions to the tune of Rs 250 crore after raids at a Neyveli-based group engaged in chit fund and real estate businesses. The raids took place on December 16 in about 30 premises related to the group located at Neyveli, Chennai, Coimbatore and Nilgiris among other places. A remotely located cloud server containing the parallel set of books of account secretly maintained by key persons of the group were unearthed and various documentary and digital pieces of evidences were also seized, apart from unaccounted cash of more than Rs12 crore. Preliminary analysis of the evidences clearly reveals the details of unaccounted money generated through under-reporting of income from chit fund business and deposits received in cash from various parties, said a note from the department. The seized evidence also indicates that the unaccounted money was utilised to make ‘on-money’ payments for investments in real estate business, added I-T sleuths.