Unaccounted Rs1,000-crore unearthed in Tamil Nadu


In simultaneous searches on a private firm in the information technology infrastructure sector at 5 locations in Chennai and Madurai, the Income Tax dept has unearthed Rs1,000 crore unaccounted income.

“Of this, disclosure of additional Rs337cr income has already been made by the assessee,” Surabhi Ahlu­walia, Commissioner of I-T (media and technical policy) said. The sleuths found “actionable issues” under the Benami and Black Money Acts.

Ahluwalia said the search led to unearthing of evidence of investments in a Singapore registered firm. “The shareholding of this company is held by two companies, one owned by the group searched, while the other is a subsidiary of a major infrastructure development and financing group,” he said.

One company had invested a nominal amount though it has 72% shareholding, while the other company with 28% shareholding alone had invested almost all the money. “This has resulted in a benefit or gain of almost Singapore $7 crore, around Rs200 crore in the hands of the company belonging to the searched group, which was not disclosed by it in its return of income,” he said.

The I-T men said it would initiate proceedings under the Black Money Act, 2015, for no disclosure of foreign assets. “The present value of this investment exceeds Rs354 crore,” it said.

The group had acquired 5 shell companies to siphon Rs337 crore from main group by bogus bills. “One of the directors has admitted they have diverted funds through these companies,” Ahlu­wa­lia said. Evidence was found about allotment of preference sha­res worth Rs150 crore in 2009. It had bought 800 acres worth Rs500 crore in the name of shell firms.

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