IT department raids two Chennai fundraising groups

The Central Council of Direct Taxes (CBDT) claimed on Saturday that the income tax department detected “unrecorded” income of more than 300 crore yen after raiding two private union fundraising groups in Chennai.

The searches were carried out on September 23 at 35 premises in the capital of Tamil Nadu.

“The searches so far have resulted in the detection of undisclosed income in excess of 300 crore; and unrecorded money of 9 crore has been seized,” the CBDT said in a statement.

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, he said.

High interest rates

The department detected that the groups “charge high interest rates, part of which is not offered for taxation.”

“The modus operandi adopted by the groups has revealed that most of the interest payments by the borrowers are received in fictitious bank accounts and that they have not been disclosed for tax purposes,” said the governing body. of the tax department.

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“Unaccounted money” is disguised and carried on the books of the groups as unsecured loans, sundry creditors, etc., alleged the CBDT.

Many undisclosed real estate investments and other income cut-offs by these people were also found, he said.

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Michael J. Birnbaum

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