IT dept raids Edappadi's relative, unearths undisclosed revenue of Rs 700 crore
The company is owned by N. Ramalingam, said to be a close relative of Edapadi Palanisamy, the general secretary of the AIADMK and oppostion leader of TN assembly.
Representative Image
CHENNAI: The Income Tax Investigators had concluded the searches at the NR Construction Company in Erode and 25 locations linked to the firm.
The company is owned by N. Ramalingam, said to be a close relative of Edapadi Palanisamy, the general secretary of the AIADMK and oppostion leader of TN assembly.
IT sources disclosed that during the raids It was discovered that false accounts were created indicating purchases of construction materials such as cement and rods from suppliers. According to the evidence seized , it has been revealed that the firm has evaded tax to revenue of over Rs. 700 crore in over the last five years.
According to IT dept sources , during the five-day operation which came to an end on Saturday evening , unaccounted cash amounting to Rs. 10 crore was seized. IT officials also seized a good number of financial documents and property records.
Search operations were carried out locations, including Chennai, Erode a s Bengaluru.
The investigation revealed that the construction companies had engaged in tax evasion by creating fictitious accounts.
Sources said, N R Construction is a construction company that works on government and private projects in Tamil Nadu, Karnataka, and other northern states.
