A team of Income Tax (IT) sleuth on Wednesday conducted raids in the Chettinad Group of companies located in Tamil Nadu, Andhra Pradesh and Maharashtra.
The IT action came less than a day after former chairman of Chettinad group MAM Ramaswamy disowned his foster son MAMR Muthiah. IT official sources here said searches were conducted in over 40 offices belonging to the Chettinad Group in three states.
Suspected of taxes evasion was the reason behind these raids. Even Ramaswamy disclosed recently that the Income Tax Department has told the company to immediately pay of about Rs 250 crore before negotiations can take place.
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