I-T seizes unaccounted cash from Erode-based firm

Multiple teams carried out raids in more than 15 premises of the group of companies under the private firm, including houses and offices, for the second consecutive day in Erode, Coimbatore and Madurai on Tuesday.

The construction firm, which has built several government buildings across Tamil Nadu, also has interests in bus service, stone quarries, marriage halls and real estate business. A team of around 30 officials from the Income Tax were involved in the search operations at the head office of the firm located at Thangaperumal Street in Erode.

Official sources claimed that they have detected tax evasion to the tune of several crores, but added that the exact value of the seizure would be known only after the operation was over. The search is likely to continue on Wednesday, too.