Income Tax sleuths on Thursday morning swooped down on more than 100 premises belonging to V V Minerals and its owner V Vaikundarajan across Tamil Nadu.
The company is one of the largest firms in India that is involved in the export of garnet and other rare minerals found in beach sands.
The I-T raids have political undertones since Vaikundarajan is close to jailed AIADMK leader V K Sasikala and her nephew T T V Dhinakaran. It came just hours before the Madras High Court was to deliver its verdict on the disqualification of 18 rebel AIADMK MLAs owing allegiance to Dhinakaran by Speaker P Dhanapal.
I-T sources said the raids were conducted in more than 100 premises in Tirunelveli, Thoothukudi, Chennai and other cities where the V V Minerals has assets. The group owns a Tamil news television channel and has interests in several other areas like packaged drinking water and refined sugar.
Further details are awaited.