I-T raids to continue at Chettinad group offices

For the second consecutive day on Thursday, Income Tax sleuths raided offices of Chettinad group of companies and it is likely that the raid would continue on Friday as well.

I-T department sources said documents concerning tax evasion by the group have been obtained in the search, conducted in 40 offices across Tamil Nadu, Andhra Pradesh and Maharashtra.

A senior official said raids would continue in some 15 offices on Friday. “The raids would continue until all documents regarding tax evasion are obtained,” he added.

The raids began on Wednesday morning, a day after former Chettinad group chairman and veteran industrialist Dr MAM Ramaswamy disowned his foster son MAMR Muthiah.
I-T officials insisted that the raids have nothing to do with the family feud and is purely to ascertain suspected tax evasion charges against the group.

Officials also visited Dr Ramaswamy’s residence and obtained a few documents.
Dr Ramaswamy recently disclosed that the I-T department asked the company to pay up Rs 250 crore before negotiations on tax evasion charges could begin.
Searches were also held in Chettinad group offices in Coimbatore.

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