Computer raids on two Chennai-based private union finance companies uncover undisclosed sum of Rs 300 cr – The New Indian Express
CHENNAI: The Income Tax Department discovered undisclosed income of more than 300 crore rupees after carrying out search and seizure operations on two private union fundraising groups based in Chennai.
He also seized unrecorded cash worth Rs 9 crore during the search operation which was carried out on Friday at 35 premises in Chennai. During the search, it was found that there were undisclosed real estate investments and other income cuts.
Evidence found at the premises of the financiers and their associates revealed that these groups have loaned to various large corporations and businesses in Tamil Nadu, a substantial portion of which is in cash. During the search, it was detected that they were charging a high interest rate, part of which is not offered for tax.
The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in fictitious bank accounts and that these have not been disclosed for tax purposes. In addition, unrecorded amounts are disguised and carried on the groups’ books of account as unsecured loans, sundry creditors, etc., a statement said.